Flagship Harbor Advisors LLC Makes New Investment in The Bank of New York Mellon Corporation $BK

Flagship Harbor Advisors LLC purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,205 shares of the bank’s stock, valued at approximately $201,000.

A number of other large investors also recently made changes to their positions in BK. Revolve Wealth Partners LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $220,000. Mutual Advisors LLC lifted its stake in shares of Bank of New York Mellon by 5.3% during the 1st quarter. Mutual Advisors LLC now owns 4,900 shares of the bank’s stock worth $385,000 after purchasing an additional 246 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Bank of New York Mellon by 1.4% during the 1st quarter. Principal Financial Group Inc. now owns 871,686 shares of the bank’s stock worth $73,108,000 after purchasing an additional 11,866 shares during the period. D.A. Davidson & CO. lifted its stake in shares of Bank of New York Mellon by 11.9% during the 1st quarter. D.A. Davidson & CO. now owns 8,194 shares of the bank’s stock worth $687,000 after purchasing an additional 873 shares during the period. Finally, Strategic Blueprint LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth $233,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.1%

NYSE:BK opened at $107.99 on Monday. The business’s 50-day moving average is $106.69 and its two-hundred day moving average is $96.99. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The firm has a market capitalization of $76.16 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87.

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

Bank of New York Mellon Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BK shares. Barclays increased their target price on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, October 24th. The Goldman Sachs Group increased their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Finally, Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research 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’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $111.29.

About Bank of New York Mellon

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.