BOCHK Asset Management Ltd Invests $5.56 Million in The Bank of New York Mellon Co. (NYSE:BK)

BOCHK Asset Management Ltd bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 72,400 shares of the bank's stock, valued at approximately $5,562,000. Bank of New York Mellon makes up approximately 1.7% of BOCHK Asset Management Ltd's holdings, making the stock its 23rd largest holding.

Other institutional investors also recently bought and sold shares of the company. McClarren Financial Advisors Inc. increased its stake in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock worth $29,000 after purchasing an additional 346 shares during the period. Fortitude Family Office LLC increased its stake in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after acquiring an additional 346 shares during the period. Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at about $49,000. Ashton Thomas Securities LLC bought a new position in Bank of New York Mellon during the third quarter valued at about $46,000. Finally, Grove Bank & Trust increased its stake in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank's stock valued at $46,000 after acquiring an additional 144 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Citigroup lifted their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a "neutral" rating in a report on Monday, November 25th. JPMorgan Chase & Co. lifted their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, October 7th. Keefe, Bruyette & Woods lifted their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an "outperform" rating in a report on Tuesday, December 3rd. Bank of America lifted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Finally, Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $88.00.

Bank of New York Mellon Trading Down 0.6 %

BK stock traded down $0.49 during trading on Friday, hitting $86.01. The company had a trading volume of 3,905,697 shares, compared to its average volume of 3,812,559. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $80.29 and a 200-day moving average price of $73.91. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $87.70. The stock has a market cap of $62.53 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 0.98 and a beta of 1.08.

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

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.19%. Bank of New York Mellon's dividend payout ratio is 32.36%.

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.