Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 6.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,152,045 shares of the bank's stock after purchasing an additional 73,391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of Bank of New York Mellon worth $88,627,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Graney & King LLC bought a new position in Bank of New York Mellon in the fourth quarter worth approximately $35,000. Centricity Wealth Management LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth $39,000. TCTC Holdings LLC lifted its stake in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank's stock worth $46,000 after purchasing an additional 430 shares during the last quarter. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter valued at about $49,000. Finally, Friedenthal Financial purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $56,000. Hedge funds and other institutional investors own 85.31% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have commented on BK. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a "buy" rating in a research report on Thursday, January 16th. Barclays raised 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. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. 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 report on Thursday, January 16th. Finally, Citigroup upped their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Monday, March 24th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $90.00.
Read Our Latest Research Report on BK
Bank of New York Mellon Stock Performance
Shares of NYSE:BK traded down $0.13 during midday trading on Tuesday, reaching $83.74. The company's stock had a trading volume of 2,881,911 shares, compared to its average volume of 3,901,400. The firm has a market capitalization of $60.12 billion, a PE ratio of 14.41, a P/E/G ratio of 0.97 and a beta of 1.06. The stock has a fifty day moving average of $85.33 and a 200 day moving average of $79.90. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $90.34. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data 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 business had revenue of $4.85 billion during 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 was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $1.28 EPS. On average, equities analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.
Bank of New York Mellon Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.24%. Bank of New York Mellon's payout ratio is 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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