Lake Street Advisors Group LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Lake Street Advisors Group LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,527 shares of the bank’s stock, valued at approximately $261,000.

Other hedge funds also recently made changes to their positions in the company. United Services Automobile Association lifted its position in Bank of New York Mellon by 6.9% during the 4th quarter. United Services Automobile Association now owns 25,447 shares of the bank’s stock valued at $1,325,000 after acquiring an additional 1,640 shares during the period. Entropy Technologies LP purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $1,027,000. QRG Capital Management Inc. increased its position in shares of Bank of New York Mellon by 6.9% during the first quarter. QRG Capital Management Inc. now owns 127,576 shares of the bank’s stock valued at $7,351,000 after acquiring an additional 8,204 shares in the last quarter. Searle & CO. bought a new position in Bank of New York Mellon in the 4th quarter valued at approximately $234,000. Finally, Wakefield Asset Management LLLP purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $3,740,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.98 on Thursday, reaching $64.88. 1,265,893 shares of the stock were exchanged, compared to its average volume of 3,815,314. The firm has a market capitalization of $48.52 billion, a PE ratio of 14.90, a PEG ratio of 1.13 and a beta of 1.09. The Bank of New York Mellon Co. has a one year low of $39.66 and a one year high of $65.90. The company’s 50-day simple moving average is $60.15 and its two-hundred day simple moving average is $57.35. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 EPS. Analysts expect that The Bank of New York Mellon Co. will post 5.58 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.90%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BK shares. Jefferies Financial Group boosted their target price on Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Evercore ISI increased their price objective 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. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Finally, Barclays upped their price objective on 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. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.23.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the transaction, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the transaction, the insider now owns 24,346 shares in the company, valued at $1,410,363.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the firm’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares of the company’s stock, valued at approximately $8,343,165.65. The disclosure for this sale can be found here. Insiders sold 36,858 shares of company stock worth $2,223,504 over the last 90 days. 0.14% of the stock is owned by insiders.

Bank of New York Mellon 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.