J.W. Cole Advisors Inc. Acquires New Shares in The Bank of New York Mellon Co. (NYSE:BK)

J.W. Cole Advisors Inc. acquired a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, Holdings Channel reports. The fund acquired 3,855 shares of the bank’s stock, valued at approximately $201,000.

A number of other hedge funds have also recently made changes to their positions in BK. Massachusetts Financial Services Co. MA boosted its stake in shares of Bank of New York Mellon by 142.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank’s stock valued at $69,125,000 after purchasing an additional 951,730 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Bank of New York Mellon by 153.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock valued at $80,913,000 after purchasing an additional 941,193 shares in the last quarter. Barclays PLC boosted its stake in shares of Bank of New York Mellon by 30.0% during the third quarter. Barclays PLC now owns 3,751,994 shares of the bank’s stock valued at $160,020,000 after purchasing an additional 866,548 shares in the last quarter. Northern Trust Corp raised its position in shares of Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after acquiring an additional 715,421 shares during the last quarter. Finally, Bank of Nova Scotia raised its position in shares of Bank of New York Mellon by 1,191.2% during the third quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock worth $31,953,000 after acquiring an additional 691,172 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BK. Morgan Stanley raised their price objective on Bank of New York Mellon from $62.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 18th. Bank of America raised their price objective on Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Evercore ISI raised their price objective on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Royal Bank of Canada restated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Jefferies Financial Group raised their price objective on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $60.17.

Bank of New York Mellon Trading Down 1.3 %

Shares of BK stock opened at $57.17 on Friday. The company has a market cap of $43.04 billion, a P/E ratio of 13.94, a PEG ratio of 1.24 and a beta of 1.12. The stock has a 50 day simple moving average of $55.97 and a two-hundred day simple moving average of $51.67. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.72 and a current ratio of 0.71. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.28.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.13 earnings per share. Research analysts forecast that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.94%. Bank of New York Mellon’s dividend payout ratio is 40.98%.

Insider Activity

In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total transaction of $2,967,361.60. Following the completion of the sale, the vice president now owns 78,350 shares in the company, valued at $4,299,848. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP J Kevin Mccarthy sold 40,000 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $54.88, for a total value of $2,967,361.60. Following the transaction, the vice president now directly owns 78,350 shares in the company, valued at approximately $4,299,848. The disclosure for this sale can be found here. Insiders sold a total of 98,568 shares of company stock worth $5,459,897 over the last quarter. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Profile

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, and data analytics.