Legacy Bridge LLC Buys 14,418 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Legacy Bridge LLC lifted its position in The Bank of New York Mellon Co. (NYSE:BK) by 730.0% during the 3rd quarter, Holdings Channel reports. The firm owned 16,393 shares of the bank’s stock after buying an additional 14,418 shares during the quarter. Legacy Bridge LLC’s holdings in Bank of New York Mellon were worth $1,178,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. increased its holdings in Bank of New York Mellon by 4.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after purchasing an additional 421,161 shares in the last quarter. Victory Capital Management Inc. lifted its position in Bank of New York Mellon by 2.2% during the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock worth $490,640,000 after buying an additional 179,503 shares in the last quarter. Legal & General Group Plc lifted its position in Bank of New York Mellon by 1.2% during the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock worth $482,597,000 after buying an additional 97,286 shares in the last quarter. LSV Asset Management increased its position in Bank of New York Mellon by 3.9% in the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock valued at $453,315,000 after acquiring an additional 286,820 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Bank of New York Mellon by 6.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock valued at $434,370,000 after acquiring an additional 454,151 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $78.65 on Tuesday. The stock has a market cap of $57.18 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The stock has a 50-day moving average of $74.21 and a 200-day moving average of $66.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a one year low of $46.71 and a one year high of $80.29.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.82 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.39%. The ex-dividend date was Monday, October 21st. Bank of New York Mellon’s payout ratio is presently 40.87%.

Wall Street Analysts Forecast Growth

BK has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Citigroup raised their price target on Bank of New York Mellon from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, September 19th. Finally, The Goldman Sachs Group lifted their price objective on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $77.23.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the sale, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.14% 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 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.