Smith Group Asset Management LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Smith Group Asset Management LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 9,000 shares of the bank's stock, valued at approximately $691,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. McClarren Financial Advisors Inc. grew its position in Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Fortitude Family Office LLC boosted 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 buying an additional 346 shares during the period. Grove Bank & Trust boosted its stake in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank's stock valued at $46,000 after buying an additional 144 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon in the 3rd quarter valued at about $46,000. Finally, Modus Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $49,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BK. 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 research note on Thursday, January 16th. Royal Bank of Canada restated a "sector perform" rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. 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 research note on Thursday, January 16th. Finally, Morgan Stanley boosted their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK traded down $0.49 during trading on Friday, reaching $86.01. The company had a trading volume of 3,905,697 shares, compared to its average volume of 3,812,559. The firm has a market capitalization of $62.53 billion, a price-to-earnings ratio of 14.80, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The stock's fifty day moving average price is $80.29 and its 200 day moving average price is $73.91. 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.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.18. The business 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.28 earnings per share. As a group, equities research analysts predict 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 disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon's dividend payout ratio is presently 32.36%.

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.