Hightower 6M Holding LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Hightower 6M Holding LLC bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BKGet Rating) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 33,369 shares of the bank’s stock, valued at approximately $1,656,000.

A number of other hedge funds have also made changes to their positions in BK. Norges Bank acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $555,083,000. Millennium Management LLC lifted its holdings in shares of Bank of New York Mellon by 1,368.8% in the 4th quarter. Millennium Management LLC now owns 1,668,416 shares of the bank’s stock worth $96,902,000 after purchasing an additional 1,554,823 shares during the last quarter. Qube Research & Technologies Ltd acquired a new position in Bank of New York Mellon during the 1st quarter valued at approximately $40,504,000. Alberta Investment Management Corp grew its stake in Bank of New York Mellon by 383.4% during the 4th quarter. Alberta Investment Management Corp now owns 1,017,951 shares of the bank’s stock worth $59,123,000 after buying an additional 807,351 shares during the last quarter. Finally, Zacks Investment Management acquired a new stake in Bank of New York Mellon in the fourth quarter worth $36,272,000. Institutional investors and hedge funds own 83.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BK. The Goldman Sachs Group lowered their price target on shares of Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 29th. Credit Suisse Group dropped their price target on shares of Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 19th. Barclays set a $61.00 price objective on Bank of New York Mellon in a report on Tuesday, July 19th. Piper Sandler cut their target price on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating on the stock in a research note on Friday, June 24th. Finally, Wells Fargo & Company decreased their price target on Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating for the company in a research note on Friday, July 1st. Eleven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $50.73.

Bank of New York Mellon Stock Performance

Shares of BK opened at $45.03 on Wednesday. The Bank of New York Mellon Co. has a 52 week low of $39.78 and a 52 week high of $64.63. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $36.39 billion, a PE ratio of 11.43, a PEG ratio of 1.76 and a beta of 1.12. The company’s 50 day moving average price is $42.74 and its 200 day moving average price is $47.52.

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

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Monday, July 25th were paid a dividend of $0.37 per share. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Friday, July 22nd. This represents a $1.48 annualized dividend and a dividend yield of 3.29%. Bank of New York Mellon’s dividend payout ratio is 37.56%.

Insider Activity

In other Bank of New York Mellon news, CEO Thomas P. Gibbons sold 105,062 shares of the business’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $43.24, for a total value of $4,542,880.88. Following the completion of the sale, the chief executive officer now owns 221,018 shares of the company’s stock, valued at $9,556,818.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.08% of the stock is owned by insiders.

Bank of New York Mellon Profile

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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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