Leavell Investment Management Inc. Purchases 4,000 Shares of The Bank of New York Mellon Corporation $BK

Leavell Investment Management Inc. grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 156.3% in the second quarter, HoldingsChannel.com reports. The fund owned 6,560 shares of the bank’s stock after acquiring an additional 4,000 shares during the quarter. Leavell Investment Management Inc.’s holdings in Bank of New York Mellon were worth $598,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. Cornerstone Planning Group LLC increased its holdings in Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth approximately $32,000. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. Golden State Wealth Management LLC lifted its position in shares of Bank of New York Mellon by 226.4% during the 1st quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock valued at $34,000 after acquiring an additional 283 shares during the period. Finally, McClarren Financial Advisors Inc. bought a new position in Bank of New York Mellon during the first quarter worth $34,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BK has been the subject of several research analyst reports. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Citigroup boosted their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Barclays upped their price target on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Price Performance

BK stock opened at $107.91 on Monday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The business has a 50-day simple moving average of $106.07 and a two-hundred day simple moving average of $95.79. The company has a market capitalization of $76.10 billion, a P/E ratio of 15.57, a price-to-earnings-growth ratio of 0.99 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, October 27th. Bank of New York Mellon’s payout ratio is currently 30.59%.

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.