QRG Capital Management Inc. Raises Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

QRG Capital Management Inc. lifted its position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 11.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 339,042 shares of the bank's stock after purchasing an additional 36,017 shares during the period. QRG Capital Management Inc.'s holdings in Bank of New York Mellon were worth $26,049,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. 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 position in 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 during the last quarter. Modus Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $49,000. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon during the third quarter valued at $46,000. Finally, Friedenthal Financial bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $56,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 0.7 %

BK stock traded down $0.63 during trading on Monday, hitting $88.32. The company had a trading volume of 4,374,723 shares, compared to its average volume of 4,214,114. The stock has a market cap of $64.22 billion, a PE ratio of 15.20, a PEG ratio of 0.97 and a beta of 1.08. The business has a 50-day moving average of $83.02 and a 200-day moving average of $77.30. 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 one year low of $52.64 and a one year high of $90.34.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates 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 company's revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the company earned $1.28 earnings per share. Research analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon's dividend payout ratio is presently 32.36%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BK. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. StockNews.com downgraded Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Wednesday, February 19th. Truist Financial boosted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a "buy" rating in a report on Thursday, January 16th. Barclays lifted their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an "overweight" rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods increased 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. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.71.

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.