Modern Wealth Management LLC Buys 724 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Modern Wealth Management LLC raised its stake in The Bank of New York Mellon Co. (NYSE:BK) by 12.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,557 shares of the bank’s stock after acquiring an additional 724 shares during the period. Modern Wealth Management LLC’s holdings in Bank of New York Mellon were worth $558,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of BK. Czech National Bank boosted its position in shares of Bank of New York Mellon by 4.9% during the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after acquiring an additional 7,316 shares during the last quarter. HighTower Advisors LLC raised its stake in Bank of New York Mellon by 130.1% during the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after purchasing an additional 184,560 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new position in Bank of New York Mellon during the third quarter valued at $1,010,000. Fifth Third Bancorp grew its stake in shares of Bank of New York Mellon by 9.2% in the 4th quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock worth $7,226,000 after buying an additional 7,935 shares in the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of Bank of New York Mellon by 6.5% in the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock worth $21,971,000 after buying an additional 17,457 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on BK shares. 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 report on Thursday, January 16th. Wells Fargo & Company increased their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Bank of America lifted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of 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. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $89.71.

Bank of New York Mellon Price Performance

BK opened at $85.07 on Thursday. The company has a market capitalization of $61.08 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 0.97 and a beta of 1.06. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $90.34. The business’s fifty day simple moving average is $85.31 and its 200-day simple moving average is $79.39.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the business earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 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.