The Bank of New York Mellon Co. (NYSE:BK) Shares Purchased by Mackenzie Financial Corp

Mackenzie Financial Corp lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.5% during the second quarter, HoldingsChannel.com reports. The fund owned 93,439 shares of the bank’s stock after acquiring an additional 1,362 shares during the period. Mackenzie Financial Corp’s holdings in Bank of New York Mellon were worth $5,596,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Commerzbank Aktiengesellschaft FI boosted its stake in Bank of New York Mellon by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock worth $231,000 after buying an additional 165 shares during the last quarter. Lake Street Advisors Group LLC boosted its stake in Bank of New York Mellon by 3.8% during the second quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock worth $281,000 after buying an additional 171 shares during the last quarter. Greenleaf Trust boosted its stake in Bank of New York Mellon by 0.7% during the first quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after buying an additional 187 shares during the last quarter. 1858 Wealth Management LLC boosted its stake in Bank of New York Mellon by 4.0% during the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock worth $291,000 after buying an additional 188 shares during the last quarter. Finally, Semmax Financial Advisors Inc. boosted its stake in Bank of New York Mellon by 1.9% during the first quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock worth $591,000 after buying an additional 189 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BK opened at $71.12 on Wednesday. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $73.19. The firm’s 50 day moving average price is $67.06 and its 200 day moving average price is $61.53. The company has a market cap of $53.18 billion, a P/E ratio of 16.46, a PEG ratio of 1.24 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.53 billion. During the same period in the prior year, the firm earned $1.38 EPS. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, research analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is 43.52%.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent research reports. Morgan Stanley boosted their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft raised Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the company from $66.00 to $80.00 in a research note on Monday, September 23rd. Citigroup raised their price objective on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research report on Monday, July 15th. Finally, Barclays boosted their price target on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, July 15th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $69.38.

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.