Several hedge funds recently adjusted their investments in Bank of New York Mellon. The Manufacturers Life Insurance Company increased its stake by 2.1%, acquiring 12,417 additional shares and now holding 600,834 shares valued at $31.27 million. CIBC Private Wealth Group raised its holdings by 25.2%, now owning 53,688 shares worth $2.79 million after adding 10,799 shares. Tower Research Capital boosted its stake by a whopping 214.2%, now holding 110,336 shares valued at $5.74 million after buying 75,216 shares. Cetera Advisor Networks increased its holdings by 6.8% to 93,306 shares worth $4.86 million, while Public Employees Retirement Association of Colorado raised its position by 6,029.8%, now owning 116,589 shares valued at $6.07 million. Overall, institutional investors own 85.31% of the company’s stock.
Bank of New York Mellon Price Performance
On Friday, the shares of NYSE BK opened at $70.82, with a one-year low of $39.66 and a high of $73.19. The companys market cap is $52.96 billion. Key financial ratios include a P/E of 16.39 and a debt-to-equity ratio of 0.85, with moving averages of $67.33 (50-day) and $61.66 (200-day).
Bank of New York Mellon reported its earnings on July 12, posting $1.51 EPS, beating estimates of $1.43. Revenue was $4.60 billion, surpassing expectations of $4.53 billion, and showed a year-over-year growth of 2.1%.
Bank of New York Mellon Increases Dividend
The company has declared a quarterly dividend of $0.47, up from $0.42, with a yield of 2.65%.
Insider Activity
VP Hanneke Smits sold 15,000 shares at $64.11 each, totaling $961,650, while still owning 173,930 shares valued at around $11.15 million. Insiders own 0.14% of the stock.
Analyst Ratings
Research firms have raised their target prices for Bank of New York Mellon. Morgan Stanley increased its target from $72 to $78, while Deutsche Bank upgraded its rating from “hold” to “buy” with a new target of $80. Currently, the average rating is “Moderate Buy” with a target price of $69.38.
Company Overview
The Bank of New York Mellon Corporation offers various financial services globally, operating through segments including Securities Services and Wealth Management.
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