Fox Run Management L.L.C. Invests $1.98 Million in The Bank of New York Mellon Corporation $BK

Fox Run Management L.L.C. acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 21,681 shares of the bank’s stock, valued at approximately $1,975,000. Bank of New York Mellon comprises about 0.3% of Fox Run Management L.L.C.’s portfolio, making the stock its 29th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Westside Investment Management Inc. lifted its stake in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares during the last quarter. Hoey Investments Inc. bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $32,000. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at about $32,000. Cornerstone Planning Group LLC lifted its position in 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 buying an additional 196 shares during the last quarter. Finally, GFG Capital LLC bought a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $36,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $109.66 on Friday. 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 firm has a market cap of $76.47 billion, a P/E ratio of 15.82, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The firm has a 50-day moving average of $107.06 and a 200-day moving average of $97.84.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The business 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%. Sell-side analysts expect 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 declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a $0.53 dividend. The ex-dividend date was Monday, October 27th. This represents a $2.12 annualized dividend and a yield of 1.9%. Bank of New York Mellon’s payout ratio is 30.59%.

Analysts Set New Price Targets

Several research analysts have commented on BK shares. TD Cowen lifted their price target on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. Weiss Ratings upgraded shares of 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 upped their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average 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.