Biechele Royce Advisors Raises Position in Bank of New York Mellon Corp (NYSE:BK)

Biechele Royce Advisors boosted its position in Bank of New York Mellon Corp (NYSE:BK) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,804 shares of the bank’s stock after purchasing an additional 1,808 shares during the period. Bank of New York Mellon comprises approximately 2.7% of Biechele Royce Advisors’ portfolio, making the stock its 18th biggest holding. Biechele Royce Advisors’ holdings in Bank of New York Mellon were worth $4,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BK. Modus Advisors LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $25,000. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Bank of New York Mellon by 123.1% during the second quarter. Patriot Financial Group Insurance Agency LLC now owns 656 shares of the bank’s stock worth $25,000 after acquiring an additional 362 shares in the last quarter. Capstone Financial Group Inc. bought a new position in shares of Bank of New York Mellon in the first quarter worth $25,000. Campbell Wealth Management purchased a new position in shares of Bank of New York Mellon in the second quarter valued at $31,000. Finally, Ellevest Inc. raised its stake in shares of Bank of New York Mellon by 135.1% during the 2nd quarter. Ellevest Inc. now owns 804 shares of the bank’s stock valued at $31,000 after purchasing an additional 462 shares during the period. 81.65% of the stock is owned by institutional investors and hedge funds.

NYSE:BK traded down $0.01 during mid-day trading on Friday, reaching $35.85. The stock had a trading volume of 4,720,555 shares, compared to its average volume of 5,642,533. The stock has a market capitalization of $31.75 billion, a P/E ratio of 8.66, a P/E/G ratio of 1.15 and a beta of 1.10. The firm has a 50 day moving average price of $37.53 and a two-hundred day moving average price of $38.56. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.72 and a current ratio of 0.68. Bank of New York Mellon Corp has a one year low of $26.40 and a one year high of $51.60.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $1.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.10. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. The firm had revenue of $4.01 billion during the quarter, compared to analyst estimates of $3.91 billion. During the same period in the previous year, the business posted $1.01 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts forecast that Bank of New York Mellon Corp will post 3.91 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Monday, July 27th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Friday, July 24th. Bank of New York Mellon’s dividend payout ratio is presently 30.85%.

Several equities research analysts have recently weighed in on BK shares. Royal Bank of Canada reiterated a “hold” rating on shares of Bank of New York Mellon in a research report on Sunday, April 19th. Morgan Stanley decreased their target price on shares of Bank of New York Mellon from $42.00 to $41.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Barclays reissued a “buy” rating and issued a $54.00 price target on shares of Bank of New York Mellon in a report on Thursday, April 9th. Citigroup decreased their price target on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Finally, Jefferies Financial Group raised Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $40.00 to $45.00 in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $44.97.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 10,000 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the completion of the sale, the executive vice president now owns 119,870 shares of the company’s stock, valued at approximately $4,209,834.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mitchell E. Harris sold 35,000 shares of the firm’s stock in a transaction on Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the sale, the executive vice president now directly owns 145,425 shares in the company, valued at approximately $5,198,943.75. The disclosure for this sale can be found here. Corporate insiders own 0.12% of the company’s stock.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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

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