Investment firm LFL Advisers LLC has increased its stake in The Bank of New York Mellon Corporation (NYSE: BK) by 2.9% during the second quarter of 2023. According to a recent disclosure with the Securities and Exchange Commission, LFL Advisers now holds 436,939 shares of the bank’s stock, following the purchase of an additional 12,308 shares during the quarter. This investment now represents approximately 15.9% of LFL Advisers’ total portfolio, making it the firm’s second-largest holding.
As of the latest filing, the value of LFL Advisers’ holdings in The Bank of New York Mellon stands at $39,810,000. Other institutional investors have also adjusted their positions in the bank’s stock recently. For instance, Tiemann Investment Advisors LLC increased its position by 2.9%, now owning 3,492 shares valued at $318,000. Similarly, Hemington Wealth Management raised its holdings by 6.3%, owning 1,730 shares worth $157,000.
Additional increases in stakes were reported by Vestmark Advisory Solutions Inc., which grew its holdings by 4.0% to 2,771 shares valued at $252,000, and Confluence Wealth Services Inc., which raised its stake by 1.0% to 11,761 shares worth $1,072,000. Leonard Rickey Investment Advisors P.L.L.C. also boosted its position by 2.2%, now holding 5,094 shares valued at $464,000. Overall, institutional and hedge fund ownership accounts for 85.31% of the bank’s stock.
Bank of New York Mellon Stock Performance
On Friday, shares of The Bank of New York Mellon opened at $113.93. The bank boasts a market capitalization of $79.45 billion, with a price-to-earnings ratio of 16.44 and a price/earnings to growth ratio of 1.03. The stock’s volatility is reflected in its beta of 1.12.
The bank’s 50-day moving average is $108.54, while the 200-day average stands at $101.44. It has experienced a 52-week trading range with a low of $70.46 and a high of $114.43.
Dividend Announcement and Analyst Ratings
Recently, The Bank of New York Mellon declared a quarterly dividend of $0.53 per share, which was paid on November 7, 2023. Shareholders on record as of October 27, 2023 received this dividend, translating to an annualized total of $2.12 and a yield of 1.9%. The current dividend payout ratio is 30.59%.
Analysts have recently adjusted their price targets for the bank’s stock. Barclays raised its target from $104.00 to $120.00, rating it as “overweight.” In a separate report, Evercore ISI increased its price objective from $91.00 to $110.00 with an “in-line” rating. Wells Fargo & Company also raised its target from $100.00 to $109.00, maintaining an “equal weight” rating.
In total, ten investment analysts have rated The Bank of New York Mellon with a “Buy” recommendation, while six have assigned a “Hold” rating. According to data from MarketBeat, the stock currently holds a consensus rating of “Moderate Buy” with an average price target of $111.29.
The Bank of New York Mellon Corporation offers a broad range of financial products and services both in the United States and internationally. Its operations cover various sectors, including Securities Services, Market and Wealth Services, and Investment and Wealth Management, among others.
