New Wave Wealth Advisors LLC Makes New $433,000 Investment in The Bank of New York Mellon Co. (NYSE:BK)

New Wave Wealth Advisors LLC bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 5,641 shares of the bank's stock, valued at approximately $433,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Northwestern Mutual Wealth Management Co. lifted its holdings in Bank of New York Mellon by 2.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 37,093 shares of the bank's stock worth $2,221,000 after acquiring an additional 1,023 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Bank of New York Mellon by 66.8% during the second quarter. NewEdge Advisors LLC now owns 28,596 shares of the bank's stock worth $1,713,000 after acquiring an additional 11,457 shares in the last quarter. EP Wealth Advisors LLC bought a new position in Bank of New York Mellon during the second quarter worth about $234,000. Sanctuary Advisors LLC bought a new position in Bank of New York Mellon during the second quarter worth about $5,234,000. Finally, Heritage Wealth Management Inc. bought a new position in Bank of New York Mellon during the second quarter worth about $600,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Up 0.6 %

BK stock opened at $86.54 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $87.70. The stock has a fifty day moving average of $80.17 and a 200-day moving average of $73.77. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company has a market capitalization of $62.92 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company earned $1.28 EPS. The business's quarterly revenue was up 11.2% compared to the same quarter last year. As a group, equities research 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.36%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. Truist Financial lifted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. UBS Group lifted their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Bank of America lifted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Finally, StockNews.com upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating in a report on Tuesday. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.

Bank of New York Mellon 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.

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