Heritage Wealth Management Inc. Buys New Shares in The Bank of New York Mellon Co. (NYSE:BK)

Heritage Wealth Management Inc. purchased a new position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 10,025 shares of the bank's stock, valued at approximately $600,000.

A number of other large investors also recently modified their holdings of BK. Vanguard Group Inc. raised its holdings in Bank of New York Mellon by 6.1% in the 4th quarter. Vanguard Group Inc. now owns 74,501,451 shares of the bank's stock valued at $3,877,801,000 after acquiring an additional 4,293,751 shares in the last quarter. Marshall Wace LLP lifted its position in Bank of New York Mellon by 99.4% in the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank's stock worth $157,583,000 after purchasing an additional 1,311,969 shares during the period. Panagora Asset Management Inc. boosted its stake in Bank of New York Mellon by 6,040.9% during the second quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank's stock worth $62,154,000 after buying an additional 1,020,906 shares in the last quarter. M&G Plc bought a new stake in Bank of New York Mellon in the 1st quarter valued at $55,543,000. Finally, Putnam Investments LLC raised its stake in shares of Bank of New York Mellon by 224.9% in the 4th quarter. Putnam Investments LLC now owns 1,001,056 shares of the bank's stock valued at $52,105,000 after buying an additional 692,910 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BK has been the topic of a number of analyst reports. Evercore ISI upped their target price on shares of 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. Barclays increased their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an "overweight" rating in a report on Monday, July 15th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. The Goldman Sachs Group upped their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. Finally, Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an "equal weight" rating in a research note on Monday. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $69.38.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the stock in a transaction dated Thursday, July 18th. The stock was 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 filing with the SEC, which is available through the SEC website. Insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Down 0.2 %

Shares of BK stock traded down $0.13 on Thursday, reaching $70.82. The company had a trading volume of 3,074,255 shares, compared to its average volume of 3,850,311. The company has a 50-day moving average of $67.33 and a 200-day moving average of $61.66. The Bank of New York Mellon Co. has a 12 month low of $39.66 and a 12 month high of $73.19. The stock has a market cap of $52.96 billion, a PE ratio of 16.39, a PEG ratio of 1.24 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $4.60 billion for the quarter, compared to analysts' expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The business's quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $1.38 earnings per share. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 5.63 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced 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. This represents a $1.88 dividend on an annualized basis and a yield of 2.65%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.42. The ex-dividend date of this dividend was Monday, July 22nd. Bank of New York Mellon's dividend payout ratio is presently 43.52%.

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.