Illinois Municipal Retirement Fund lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 9.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 297,711 shares of the bank's stock after selling 31,101 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Bank of New York Mellon were worth $22,873,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $39,000. Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after purchasing an additional 346 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Bank of New York Mellon in the third quarter worth $46,000. Modus Advisors LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at $49,000. Finally, Concord Wealth Partners raised its holdings in shares of Bank of New York Mellon by 150.5% during the 3rd quarter. Concord Wealth Partners now owns 754 shares of the bank's stock valued at $54,000 after buying an additional 453 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.
Bank of New York Mellon Trading Up 2.3 %
NYSE BK traded up $1.97 during trading hours on Friday, hitting $88.86. 7,187,969 shares of the company's stock were exchanged, compared to its average volume of 4,209,997. The firm has a market cap of $64.60 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.97 and a beta of 1.08. The stock has a 50-day simple moving average of $82.80 and a 200 day simple moving average of $76.93. 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 Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $89.44.
Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The firm's revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.
Bank of New York Mellon Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.12%. Bank of New York Mellon's dividend payout ratio is currently 32.36%.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on the stock. Bank of America raised their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. UBS Group boosted their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Truist Financial raised their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.
View Our Latest Analysis on Bank of New York Mellon
About Bank of New York Mellon
(
Free Report)
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.
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