Wealthfront Advisers LLC Boosts Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Wealthfront Advisers LLC grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 401.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 277,558 shares of the bank’s stock after acquiring an additional 222,169 shares during the period. Wealthfront Advisers LLC’s holdings in Bank of New York Mellon were worth $21,325,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Miller Financial Services LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $583,000. Citizens Financial Group Inc. RI lifted its stake in Bank of New York Mellon by 191.4% in the 4th quarter. Citizens Financial Group Inc. RI now owns 124,687 shares of the bank’s stock worth $9,580,000 after purchasing an additional 81,896 shares in the last quarter. Independent Advisor Alliance raised its position in shares of Bank of New York Mellon by 106.2% during the 4th quarter. Independent Advisor Alliance now owns 11,487 shares of the bank’s stock valued at $883,000 after buying an additional 5,915 shares during the period. Meriwether Wealth & Planning LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $985,000. Finally, Daiwa Securities Group Inc. grew its stake in shares of Bank of New York Mellon by 26.6% during the fourth quarter. Daiwa Securities Group Inc. now owns 122,006 shares of the bank’s stock worth $9,374,000 after purchasing an additional 25,610 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the topic of several research reports. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Morgan Stanley boosted their price target on shares of 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. UBS Group increased their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their price objective 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. Finally, Truist Financial raised their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.71.

Bank of New York Mellon Price Performance

Shares of BK opened at $81.04 on Wednesday. The stock’s 50 day moving average is $84.08 and its two-hundred day moving average is $78.27. The firm has a market capitalization of $58.18 billion, a PE ratio of 13.95, a P/E/G 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 twelve month low of $52.64 and a twelve month high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm earned $1.28 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. Research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current 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 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is presently 32.36%.

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.