Primecap Management Co. CA Grows Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Primecap Management Co. CA grew its stake in The Bank of New York Mellon Co. (NYSE:BK) by 11.7% in the second quarter, Holdings Channel.com reports. The firm owned 711,500 shares of the bank’s stock after acquiring an additional 74,700 shares during the quarter. Primecap Management Co. CA’s holdings in Bank of New York Mellon were worth $42,612,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BK. Vanguard Group Inc. increased its position in Bank of New York Mellon by 6.1% during the fourth quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank’s stock worth $3,877,801,000 after purchasing an additional 4,293,751 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Bank of New York Mellon by 0.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 19,793,539 shares of the bank’s stock worth $1,030,254,000 after purchasing an additional 144,162 shares during the last quarter. Victory Capital Management Inc. increased its position in Bank of New York Mellon by 2.2% during the second quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after purchasing an additional 179,503 shares during the last quarter. LSV Asset Management increased its position in Bank of New York Mellon by 3.9% during the second quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock worth $453,315,000 after purchasing an additional 286,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Bank of New York Mellon by 6.7% during the second quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock worth $434,370,000 after purchasing an additional 454,151 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at $11,150,652.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Trading Up 0.4 %

Shares of BK stock opened at $70.81 on Wednesday. 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 stock has a market capitalization of $52.95 billion, a P/E ratio of 16.39, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a 50 day moving average price of $65.42 and a 200 day moving average price of $60.38. The Bank of New York Mellon Co. has a fifty-two week low of $39.66 and a fifty-two week high of $70.92.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $4.53 billion. During the same quarter in the previous year, the business posted $1.38 earnings per share. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. Equities research analysts predict that The Bank of New York Mellon Co. will post 5.63 EPS 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. Investors of record on Monday, July 22nd were paid a $0.47 dividend. The ex-dividend date was Monday, July 22nd. This represents a $1.88 dividend on an annualized basis and a yield of 2.65%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s payout ratio is currently 43.52%.

Wall Street Analysts Forecast Growth

BK has been the subject of several recent analyst reports. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 30th. Citigroup cut shares of 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 research report on Monday, July 15th. Barclays lifted 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 report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Finally, 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. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $66.14.

Bank of New York Mellon Company 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.