McKinley Carter Wealth Services Inc. Purchases Shares of 4,136 The Bank of New York Mellon Co. (NYSE:BK)

McKinley Carter Wealth Services Inc. bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,136 shares of the bank’s stock, valued at approximately $212,000.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Sowell Financial Services LLC grew its position in shares of The Bank of New York Mellon by 114.7% during the first quarter. Sowell Financial Services LLC now owns 12,366 shares of the bank’s stock worth $642,000 after acquiring an additional 6,605 shares during the last quarter. D.A. Davidson & CO. grew its position in shares of The Bank of New York Mellon by 17.5% during the first quarter. D.A. Davidson & CO. now owns 8,189 shares of the bank’s stock worth $387,000 after acquiring an additional 1,218 shares during the last quarter. Mariner LLC grew its position in shares of The Bank of New York Mellon by 9.7% during the first quarter. Mariner LLC now owns 74,018 shares of the bank’s stock worth $3,500,000 after acquiring an additional 6,546 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of The Bank of New York Mellon by 25.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 62,527 shares of the bank’s stock worth $2,957,000 after acquiring an additional 12,532 shares during the last quarter. Finally, Rafferty Asset Management LLC grew its position in The Bank of New York Mellon by 20.9% in the 1st quarter. Rafferty Asset Management LLC now owns 404,378 shares of the bank’s stock valued at $19,123,000 after buying an additional 69,878 shares during the last quarter. Institutional investors and hedge funds own 82.50% of the company’s stock.

In other news, EVP Salla Francis J. La sold 25,000 shares of The Bank of New York Mellon stock in a transaction on Friday, July 16th. The stock was sold at an average price of $49.41, for a total transaction of $1,235,250.00. Following the completion of the transaction, the executive vice president now owns 69,299 shares of the company’s stock, valued at approximately $3,424,063.59. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.12% of the company’s stock.

A number of equities analysts recently weighed in on the stock. Morgan Stanley lifted their price objective on shares of The Bank of New York Mellon from $46.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Keefe, Bruyette & Woods upgraded shares of The Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $59.00 price objective on the stock in a research report on Thursday, June 17th. Citigroup lifted their price objective on shares of The Bank of New York Mellon from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, September 15th. Argus upgraded shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $54.75 to $55.00 in a research report on Tuesday, July 20th. Finally, Credit Suisse Group lifted their price objective on shares of The Bank of New York Mellon from $54.00 to $56.00 and gave the company an “outperform” rating in a research report on Friday, July 16th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, The Bank of New York Mellon currently has an average rating of “Buy” and an average target price of $53.50.

NYSE:BK opened at $51.55 on Friday. The company has a market capitalization of $44.50 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.63. The Bank of New York Mellon Co. has a 52-week low of $32.65 and a 52-week high of $56.64. The stock has a fifty day simple moving average of $52.44 and a 200-day simple moving average of $50.41.

The Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, July 14th. The bank reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.13. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.86 billion. The Bank of New York Mellon had a return on equity of 9.27% and a net margin of 22.86%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.01 EPS. As a group, equities analysts anticipate that The Bank of New York Mellon Co. will post 4.16 earnings per share for the current year.

The Bank of New York Mellon declared that its Board of Directors has authorized a stock repurchase plan on Monday, June 28th that permits the company to repurchase $6.00 billion in shares. This repurchase authorization permits the bank to buy up to 13.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The company also recently declared a quarterly dividend, which was paid on Monday, August 9th. Stockholders of record on Tuesday, July 27th were paid a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend was Monday, July 26th. This is an increase from The Bank of New York Mellon’s previous quarterly dividend of $0.31. The Bank of New York Mellon’s payout ratio is 33.92%.

About The Bank of New York Mellon

The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Investment Services and Investment and Wealth Management. The Investment Services and Investment segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange.

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Institutional Ownership by Quarter for The Bank of New York Mellon (NYSE:BK)

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