AGF Investments Inc. Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

AGF Investments Inc. lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 9,905.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,065,768 shares of the bank’s stock after acquiring an additional 2,045,122 shares during the quarter. AGF Investments Inc. owned approximately 0.26% of Bank of New York Mellon worth $102,524,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bank of New Hampshire purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $31,000. Dividend Assets Capital LLC bought a new position in Bank of New York Mellon during the first quarter valued at $32,000. Bromfield Sneider Wealth Advisors purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $33,000. Prospera Financial Services Inc purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $37,000. Finally, Comprehensive Financial Consultants Institutional Inc. bought a new position in Bank of New York Mellon in the 4th quarter worth about $38,000. 83.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BK shares. Royal Bank of Canada reduced their price target on Bank of New York Mellon from $56.00 to $49.00 and set a “sector perform” rating for the company in a research report on Friday, July 1st. Wells Fargo & Company decreased their target price on shares of Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating for the company in a research report on Friday, July 1st. Morgan Stanley decreased their price objective on Bank of New York Mellon from $53.00 to $45.00 and set an “equal weight” rating for the company in a report on Wednesday, July 6th. Citigroup reduced their price target on Bank of New York Mellon from $50.00 to $46.00 in a research report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Bank of New York Mellon from $51.50 to $46.50 in a research report on Monday, July 11th. Eleven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.73.

Insider Transactions at Bank of New York Mellon

In related news, CEO Thomas P. Gibbons sold 105,062 shares of the business’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $43.24, for a total transaction of $4,542,880.88. Following the transaction, the chief executive officer now directly owns 221,018 shares in the company, valued at $9,556,818.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.08% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK stock traded down $0.24 during trading hours on Wednesday, hitting $44.79. 65,959 shares of the company’s stock were exchanged, compared to its average volume of 2,649,890. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.78. The firm has a market cap of $36.19 billion, a P/E ratio of 11.43, a P/E/G ratio of 1.76 and a beta of 1.12. The firm has a 50 day moving average of $42.74 and a two-hundred day moving average of $47.52. The Bank of New York Mellon Co. has a fifty-two week low of $39.78 and a fifty-two week high of $64.63.

Bank of New York Mellon (NYSE:BKGet Rating) last announced its earnings results on Friday, July 15th. The bank reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.09). The business had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.13 earnings per share. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 4.24 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Monday, July 25th were given a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.34. Bank of New York Mellon’s dividend payout ratio (DPR) is 37.56%.

Bank of New York Mellon Company Profile

(Get Rating)

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, prime brokerage, and data analytics.

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

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