Ameriprise Financial Inc. Purchases 421,161 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Ameriprise Financial Inc. raised its position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 4.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 10,416,436 shares of the bank's stock after purchasing an additional 421,161 shares during the quarter. Ameriprise Financial Inc. owned approximately 1.39% of Bank of New York Mellon worth $623,891,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of BK. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of Bank of New York Mellon by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank's stock worth $231,000 after buying an additional 165 shares in the last quarter. Lake Street Advisors Group LLC lifted its holdings in shares of Bank of New York Mellon by 3.8% in the second quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank's stock valued at $281,000 after purchasing an additional 171 shares in the last quarter. Greenleaf Trust boosted its position in shares of Bank of New York Mellon by 0.7% during the first quarter. Greenleaf Trust now owns 28,349 shares of the bank's stock valued at $1,633,000 after buying an additional 187 shares during the last quarter. 1858 Wealth Management LLC grew its holdings in Bank of New York Mellon by 4.0% during the second quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank's stock worth $291,000 after buying an additional 188 shares in the last quarter. Finally, Semmax Financial Advisors Inc. raised its position in Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank's stock valued at $591,000 after buying an additional 189 shares during the last quarter. Institutional investors own 85.31% of the company's stock.

Insiders Place Their Bets

In other news, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares of the company's stock, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.14% of the company's stock.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Evercore ISI upped their price objective on Bank of New York Mellon from $61.00 to $66.00 and gave the company an "in-line" rating in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and lifted their target price for the stock from $66.00 to $80.00 in a research note on Monday. Citigroup boosted their price target on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, September 19th. Finally, Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.88.

Bank of New York Mellon Trading Down 0.9 %

BK traded down $0.67 during midday trading on Friday, reaching $71.50. 127,949 shares of the company's stock traded hands, compared to its average volume of 3,813,494. The stock has a market capitalization of $53.47 billion, a price-to-earnings ratio of 16.55, a P/E/G ratio of 1.24 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $39.66 and a 52 week high of $73.19. The firm has a fifty day moving average of $66.56 and a two-hundred day moving average of $61.10. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, beating 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 firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the previous year, the firm posted $1.38 EPS. The company's revenue for the quarter was up 2.1% compared to the same quarter last year. On average, equities analysts anticipate that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 2nd. Investors of record on Monday, July 22nd were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, July 22nd. This represents a $1.88 annualized dividend and a yield of 2.63%. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.42. Bank of New York Mellon's payout ratio is presently 43.52%.

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.