Great Lakes Advisors LLC Acquires 34,509 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Great Lakes Advisors LLC lifted its holdings in The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 25.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 172,587 shares of the bank’s stock after buying an additional 34,509 shares during the period. Great Lakes Advisors LLC’s holdings in Bank of New York Mellon were worth $8,565,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Bank of New Hampshire acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $31,000. Dividend Assets Capital LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $32,000. Bromfield Sneider Wealth Advisors acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $33,000. Prospera Financial Services Inc acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $37,000. Finally, Comprehensive Financial Consultants Institutional Inc. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $38,000. 83.69% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $43.50 on Friday. The Bank of New York Mellon Co. has a 52 week low of $39.78 and a 52 week high of $64.63. The company’s 50 day moving average price is $43.02 and its two-hundred day moving average price is $48.31. The company has a quick ratio of 0.68, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. The stock has a market cap of $35.14 billion, a P/E ratio of 11.04, a P/E/G ratio of 1.67 and a beta of 1.12.

Bank of New York Mellon (NYSE:BKGet Rating) last posted its earnings results on Friday, July 15th. The bank reported $1.03 EPS for the quarter, missing the consensus estimate of $1.12 by ($0.09). Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The firm had revenue of $4.25 billion for the quarter, compared to the consensus estimate of $4.17 billion. During the same period in the prior year, the business earned $1.13 EPS. Bank of New York Mellon’s quarterly revenue was up 7.4% compared to the same quarter last year. On average, equities analysts predict that The Bank of New York Mellon Co. will post 4.3 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were given a dividend of $0.37 per share. The ex-dividend date was Friday, July 22nd. This represents a $1.48 annualized dividend and a dividend yield of 3.40%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.34. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 37.56%.

Analyst Ratings Changes

Several brokerages have recently commented on BK. Royal Bank of Canada reduced their target price on Bank of New York Mellon from $56.00 to $49.00 and set a “sector perform” rating for the company in a research note on Friday, July 1st. Morgan Stanley cut their price target on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 6th. Wells Fargo & Company cut their price target on Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, July 1st. The Goldman Sachs Group cut their price target on Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, June 29th. Finally, Credit Suisse Group cut their price target on Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 19th. Eleven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Hold” and a consensus target price of $50.42.

About Bank of New York Mellon

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The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, prime brokerage, and data analytics.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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