Empirical Finance LLC Boosts Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Empirical Finance LLC grew its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,067 shares of the bank’s stock after buying an additional 933 shares during the quarter. Empirical Finance LLC’s holdings in Bank of New York Mellon were worth $1,560,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Duality Advisers LP purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at approximately $5,446,000. DiNuzzo Private Wealth Inc. lifted its position in Bank of New York Mellon by 187.5% during the first quarter. DiNuzzo Private Wealth Inc. now owns 1,084 shares of the bank’s stock valued at $62,000 after purchasing an additional 707 shares during the period. Geneos Wealth Management Inc. lifted its position in Bank of New York Mellon by 17.0% during the first quarter. Geneos Wealth Management Inc. now owns 5,528 shares of the bank’s stock valued at $319,000 after purchasing an additional 805 shares during the period. Team Hewins LLC bought a new position in Bank of New York Mellon during the first quarter valued at approximately $228,000. Finally, Affinity Investment Advisors LLC bought a new position in Bank of New York Mellon during the first quarter valued at approximately $618,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Insider Activity at Bank of New York Mellon

In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $57.93, for a total transaction of $360,034.95. Following the completion of the transaction, the insider now directly owns 24,346 shares of the company’s stock, valued at $1,410,363.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 40,000 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,928 shares of company stock valued at $6,475,216. Corporate insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $60.00 to $70.00 in a research report on Thursday, June 27th. Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Jefferies Financial Group increased their price target on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. Finally, Evercore ISI reiterated an “in-line” rating and issued a $61.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, July 3rd. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.15.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $64.70 on Friday. The firm has a fifty day moving average price of $59.20 and a 200-day moving average price of $56.65. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market cap of $48.38 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $64.93.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.38 earnings per share. Equities analysts anticipate that The Bank of New York Mellon Co. will post 5.47 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 2nd. Investors of record on Monday, July 22nd will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.91%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.98%.

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.