Clearstead Trust LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Clearstead Trust LLC purchased a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 541 shares of the bank’s stock, valued at approximately $32,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Olistico Wealth LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at about $30,000. Kathleen S. Wright Associates Inc. acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $32,000. Able Wealth Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at about $32,000. Family Firm Inc. purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at about $40,000. Finally, Blue Trust Inc. grew its holdings in Bank of New York Mellon by 86.9% in the 2nd quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock valued at $49,000 after buying an additional 398 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 2.7 %

Shares of NYSE:BK opened at $70.53 on Tuesday. The stock has a market capitalization of $52.05 billion, a P/E ratio of 16.33, a PEG ratio of 1.17 and a beta of 1.08. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $70.61. The stock has a 50-day simple moving average of $65.21 and a 200-day simple moving average of $60.27. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

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

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.67%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is presently 43.52%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price target for the company. in a report on Monday, July 15th. Morgan Stanley lifted their price target on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price target (up previously from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Evercore ISI lifted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Barclays lifted their price target on Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.14.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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.