Wealthfront Advisers LLC Boosts Stake in The Bank of New York Mellon Corporation $BK

Wealthfront Advisers LLC lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 6.6% in the second quarter, Holdings Channel.com reports. The firm owned 87,200 shares of the bank’s stock after purchasing an additional 5,401 shares during the quarter. Wealthfront Advisers LLC’s holdings in Bank of New York Mellon were worth $7,945,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its holdings in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the 1st quarter worth about $32,000. Hoey Investments Inc. purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $32,000. Golden State Wealth Management LLC boosted its holdings in shares of Bank of New York Mellon by 226.4% in the 1st quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock worth $34,000 after purchasing an additional 283 shares in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $34,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Evercore ISI increased their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. Citigroup increased their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Barclays increased their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, October 17th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Trading Down 0.3%

NYSE:BK opened at $107.61 on Tuesday. The company has a 50-day moving average price of $106.19 and a 200-day moving average price of $95.99. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The stock has a market cap of $75.89 billion, a price-to-earnings ratio of 15.53, a P/E/G ratio of 0.99 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion during the quarter. Equities analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

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.