Pekin Hardy Strauss Inc. Has $1.34 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Pekin Hardy Strauss Inc. trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,416 shares of the bank’s stock after selling 2,150 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,342,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Olistico Wealth LLC bought a new position in shares of Bank of New York Mellon during the second quarter worth about $30,000. Able Wealth Management LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth about $32,000. Kathleen S. Wright Associates Inc. bought a new position in shares of Bank of New York Mellon during the first quarter worth about $32,000. Family Firm Inc. bought a new position in shares of Bank of New York Mellon during the second quarter worth about $40,000. Finally, Blue Trust Inc. raised its position in shares of Bank of New York Mellon by 86.9% during the second quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock worth $49,000 after acquiring an additional 398 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 2.7 %

Shares of Bank of New York Mellon stock opened at $70.53 on Tuesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $70.61. The stock has a 50 day moving average price of $65.21 and a two-hundred day moving average price of $60.27. The stock has a market capitalization of $52.05 billion, a PE ratio of 16.33, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion for 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.38 earnings per share. As a group, equities analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a dividend of $0.47 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, July 22nd. This represents a $1.88 annualized dividend and a dividend yield of 2.67%. Bank of New York Mellon’s payout ratio is presently 43.52%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction 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 owns 173,930 shares of the company’s stock, valued at $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is owned by insiders.

Analysts Set New Price Targets

BK has been the subject of a number of analyst reports. Barclays raised their price objective on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a report on Monday, July 15th. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 30th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $66.14.

About Bank of New York Mellon

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.