ABC Arbitrage SA Takes $2.42 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

ABC Arbitrage SA bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 31,476 shares of the bank’s stock, valued at approximately $2,418,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. McClarren Financial Advisors Inc. raised its stake in Bank of New York Mellon by 586.4% during 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 during the last quarter. Fortitude Family Office LLC grew its holdings in Bank of New York Mellon by 130.6% during 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 last quarter. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon during the 3rd quarter valued at $46,000. Modus Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth $49,000. Finally, Concord Wealth Partners lifted its stake in shares of Bank of New York Mellon by 150.5% during the 3rd quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock worth $54,000 after purchasing an additional 453 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 1.2 %

Shares of BK stock opened at $87.94 on Friday. The firm has a market capitalization of $63.94 billion, a P/E ratio of 15.14, a PEG ratio of 0.98 and a beta of 1.08. The firm’s fifty day moving average price is $81.08 and its two-hundred day moving average price is $75.26. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $88.25. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data 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 firm had revenue of $4.85 billion during 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 business’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 firm posted $1.28 EPS. On average, equities analysts predict that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

Wall Street Analyst Weigh In

BK has been the topic of several research reports. Bank of America increased their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised their target price 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. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Truist Financial lifted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Morgan Stanley raised their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.