Aspen Investment Management Inc Raises Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Aspen Investment Management Inc grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.4% during the 4th quarter, HoldingsChannel.com reports. The fund owned 11,750 shares of the bank’s stock after purchasing an additional 160 shares during the quarter. Aspen Investment Management Inc’s holdings in Bank of New York Mellon were worth $903,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Fortitude Family Office LLC grew its stake 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 purchasing an additional 346 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $46,000. Modus Advisors LLC acquired a new position in Bank of New York Mellon in the 4th quarter worth approximately $49,000. Concord Wealth Partners raised its position in 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 buying an additional 453 shares during the last quarter. Finally, Friedenthal Financial acquired a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $56,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 1.3 %

Shares of NYSE:BK opened at $87.20 on Friday. The business’s 50 day moving average price is $81.87 and its 200-day moving average price is $76.08. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $89.44. The firm has a market capitalization of $63.40 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 1.01 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.

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 the consensus estimate of $1.54 by $0.18. The business 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 was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $1.28 earnings per share. On average, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.93 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.16%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BK shares. Citigroup increased their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. 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. Morgan Stanley boosted their price objective on 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. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company boosted their price target 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. Six equities 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Company 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.