Merit Financial Group LLC raised its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 134.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,034 shares of the bank's stock after buying an additional 4,030 shares during the period. Merit Financial Group LLC's holdings in Bank of New York Mellon were worth $540,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Chemistry Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $205,000. Boston Common Asset Management LLC boosted its position in shares of Bank of New York Mellon by 1.8% during the 4th quarter. Boston Common Asset Management LLC now owns 137,047 shares of the bank's stock valued at $10,529,000 after acquiring an additional 2,402 shares during the last quarter. Relyea Zuckerberg Hanson LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $252,000. Wealthcare Advisory Partners LLC acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $203,000. Finally, Avanza Fonder AB purchased a new position in Bank of New York Mellon during the fourth quarter worth about $4,156,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on BK shares. Bank of America raised their price objective on 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. JPMorgan Chase & Co. upped their price objective on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an "overweight" rating in a report on Monday, October 7th. Evercore ISI increased their target price on 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. Wolfe Research downgraded Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Morgan Stanley upped their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.
Read Our Latest Report on BK
Bank of New York Mellon Stock Performance
Shares of NYSE:BK traded up $1.09 on Friday, reaching $85.82. 4,305,984 shares of the company's stock were exchanged, compared to its average volume of 4,442,666. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $86.34. The business's 50-day moving average is $79.38 and its two-hundred day moving average is $72.91. 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 market capitalization of $62.39 billion, a price-to-earnings ratio of 14.77, a PEG ratio of 0.96 and a beta of 1.08.
Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business's revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $1.28 EPS. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.
Bank of New York Mellon Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.19%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon's payout ratio is currently 32.36%.
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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