LFL Advisers LLC has increased its investment in The Bank of New York Mellon Corporation (NYSE: BK) by 2.9% during the second quarter of 2023. According to the latest disclosure filed with the Securities and Exchange Commission, LFL Advisers now holds 436,939 shares of the bank’s stock after acquiring an additional 12,308 shares. This stock represents approximately 15.9% of LFL’s investment portfolio, making it the second-largest holding in their portfolio, valued at around $39.81 million as of the most recent filing.
Other institutional investors have also adjusted their positions in The Bank of New York Mellon. For instance, Tiemann Investment Advisors LLC raised its stake by 2.9%, now owning 3,492 shares valued at $318,000. Hemington Wealth Management increased their position by 6.3%, acquiring 1,730 shares worth $157,000. Similarly, Vestmark Advisory Solutions Inc. and Confluence Wealth Services Inc. have boosted their stakes by 4.0% and 1.0% respectively. Institutional investors collectively own 85.31% of the company’s stock.
Recent Stock Performance and Dividend Announcement
On Friday, shares of The Bank of New York Mellon opened at $113.93. The company boasts a market capitalization of $79.45 billion and presents a price-to-earnings (P/E) ratio of 16.44. The stock has a 52-week range of $70.46 to $114.43.
The bank also announced a quarterly dividend of $0.53 per share, which was paid on November 7, 2023. Shareholders of record as of October 27, 2023 received this dividend, translating to an annualized dividend of $2.12 and a yield of 1.9%. The bank’s current dividend payout ratio is 30.59%.
Analysts Adjust Price Targets
Recent reports from analysts indicate growing optimism regarding The Bank of New York Mellon’s stock. Barclays raised its target price from $104.00 to $120.00, maintaining an “overweight” rating as of October 17, 2023. Evercore ISI increased its price objective from $91.00 to $110.00 with an “in-line” rating.
Wells Fargo & Company also adjusted its target price from $100.00 to $109.00, assigning an “equal weight” rating. Truist Financial raised its target price from $118.00 to $119.00, while BMO Capital Markets initiated coverage with an “outperform” rating and a target price of $125.00. Overall, ten analysts have rated the stock as a Buy and six as a Hold, resulting in a consensus rating of “Moderate Buy” with an average price target of $111.29 according to MarketBeat.
About The Bank of New York Mellon Corporation
The Bank of New York Mellon Corporation is a leading global financial services firm providing a wide range of financial products and services in the United States and internationally. Its operations include segments such as Securities Services, Market and Wealth Services, and Investment and Wealth Management. The Securities Services segment offers various services, including custody, trust and depositary services, and data analytics.
As investor interest continues to grow in The Bank of New York Mellon, the performance and strategic decisions of institutional investors like LFL Advisers LLC will likely play a significant role in shaping the future of this established financial institution.
