Fulton Bank N.A. Acquires 4,572 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Fulton Bank N.A. increased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 25.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,386 shares of the bank’s stock after buying an additional 4,572 shares during the period. Fulton Bank N.A.’s holdings in Bank of New York Mellon were worth $1,341,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in BK. Wetzel Investment Advisors Inc. increased its position in shares of Bank of New York Mellon by 82.1% during the first quarter. Wetzel Investment Advisors Inc. now owns 510 shares of the bank’s stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Atlantic Edge Private Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at $28,000. Able Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at $32,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Bank of New York Mellon during the first quarter valued at $32,000. Finally, Hartford Financial Management Inc. grew its holdings in shares of Bank of New York Mellon by 41.4% during the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after buying an additional 183 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BK. Barclays boosted their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, July 15th. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 price objective on the stock. in a report on Monday, July 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Bank of America upped their price target on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a report on Wednesday, April 17th. Finally, Evercore ISI upped their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $65.86.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded up $0.77 during trading hours on Tuesday, reaching $62.19. The stock had a trading volume of 3,628,809 shares, compared to its average volume of 3,868,424. The stock’s 50 day moving average is $61.00 and its 200 day moving average is $57.95. The firm has a market capitalization of $46.51 billion, a PE ratio of 14.40, a PEG ratio of 1.14 and a beta of 1.09. The Bank of New York Mellon Co. has a twelve month low of $39.66 and a twelve month high of $65.90. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.53 billion. During the same quarter in the prior year, the firm posted $1.38 earnings per share. The company’s revenue was up 2.1% compared to the same quarter last year. Equities analysts expect that The Bank of New York Mellon Co. will post 5.6 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.02%. The ex-dividend date of this dividend was Monday, July 22nd. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio is 43.52%.

Insider Buying and Selling

In related news, VP Hanneke Smits sold 15,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total value of $901,818.95. Following the completion of the sale, the vice president now owns 144,721 shares in the company, valued at approximately $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the completion of the sale, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Company 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.