Longboard Asset Management LP Buys New Stake in The Bank of New York Mellon Co. (NYSE:BK)

Longboard Asset Management LP acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,474 shares of the bank's stock, valued at approximately $267,000. Bank of New York Mellon makes up 0.7% of Longboard Asset Management LP's investment portfolio, making the stock its 8th largest holding.

A number of other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank's stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. FMR LLC lifted its holdings in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank's stock valued at $1,389,680,000 after buying an additional 8,512,404 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Bank of New York Mellon by 1.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank's stock valued at $476,726,000 after purchasing an additional 117,974 shares during the period. Wellington Management Group LLP grew its position in shares of Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock worth $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Bank of New York Mellon by 8.3% during the 3rd quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank's stock worth $172,348,000 after acquiring an additional 173,347 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 0.3 %

Bank of New York Mellon stock traded down $0.25 during midday trading on Friday, reaching $86.15. 3,438,147 shares of the stock traded hands, compared to its average volume of 3,950,266. The firm has a market cap of $62.64 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a 50-day simple moving average of $80.61 and a two-hundred day simple moving average of $74.51. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $87.70.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business's revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 earnings per share. Research analysts expect that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.18%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.36%.

Wall Street Analyst Weigh In

Several research firms have recently commented on BK. Barclays boosted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an "in-line" rating in a research note on Thursday, January 16th. StockNews.com lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Thursday. Finally, Royal Bank of Canada reiterated a "sector perform" rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $88.00.

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.