Victory Capital Management Inc. Acquires 179,503 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Victory Capital Management Inc. raised its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.2% in the 2nd quarter, Holdings Channel reports. The firm owned 8,192,345 shares of the bank’s stock after purchasing an additional 179,503 shares during the quarter. Bank of New York Mellon accounts for 0.5% of Victory Capital Management Inc.’s investment portfolio, making the stock its 23rd largest holding. Victory Capital Management Inc.’s holdings in Bank of New York Mellon were worth $490,640,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. Commerzbank Aktiengesellschaft FI raised its position in shares of Bank of New York Mellon by 4.5% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock worth $231,000 after acquiring an additional 165 shares during the last quarter. Greenleaf Trust raised its holdings in Bank of New York Mellon by 0.7% during the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock worth $1,633,000 after purchasing an additional 187 shares during the last quarter. 1858 Wealth Management LLC lifted its position in shares of Bank of New York Mellon by 4.0% in the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock worth $291,000 after purchasing an additional 188 shares during the period. Semmax Financial Advisors Inc. boosted its stake in shares of Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after purchasing an additional 189 shares during the last quarter. Finally, Vivaldi Capital Management LP increased its position in shares of Bank of New York Mellon by 3.3% during the fourth quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock worth $324,000 after buying an additional 192 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $68.00 on Friday. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $68.54. The firm has a market capitalization of $50.85 billion, a PE ratio of 15.74, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09. The firm has a fifty day simple moving average of $64.07 and a two-hundred day simple moving average of $59.58. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The company had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.38 EPS. Analysts forecast that The Bank of New York Mellon Co. will post 5.63 EPS for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 2nd. Stockholders of record on Monday, July 22nd were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, July 22nd. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

Analyst Ratings Changes

Several research firms recently issued reports on BK. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Morgan Stanley upped their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Barclays raised their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Evercore ISI boosted their price target on Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a research note on Monday, July 15th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $75.00 price objective (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $66.14.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total transaction of $961,650.00. Following the transaction, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.14% of the stock is owned by insiders.

Bank of New York Mellon Company 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.