9,000 Shares in The Bank of New York Mellon Co. (NYSE:BK) Acquired by Smith Group Asset Management LLC

Smith Group Asset Management LLC bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, HoldingsChannel.com reports. The firm bought 9,000 shares of the bank’s stock, valued at approximately $691,000.

Several other large investors have also modified their holdings of BK. FMR LLC raised its holdings in shares of Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon in the third quarter valued at about $62,589,000. State Street Corp lifted its position in shares of Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after acquiring an additional 659,096 shares during the period. Finally, National Bank of Canada FI boosted its position in Bank of New York Mellon by 248.3% during the third quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock worth $61,715,000 after purchasing an additional 612,287 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $86.52 on Wednesday. The stock has a market capitalization of $62.90 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 0.96 and a beta of 1.08. The company’s 50-day simple moving average is $79.85 and its 200-day simple moving average is $73.59. 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 Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $86.69.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The company 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 net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. Equities analysts anticipate that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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 issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.17%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Analyst Ratings Changes

Several brokerages have issued reports on BK. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Truist Financial upped their price objective on shares of 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. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

About Bank of New York Mellon

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.