Summit Financial LLC Purchases 607 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Summit Financial LLC grew its position in The Bank of New York Mellon Co. (NYSE:BK) by 5.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,393 shares of the bank’s stock after acquiring an additional 607 shares during the period. Summit Financial LLC’s holdings in Bank of New York Mellon were worth $875,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of BK. Graney & King LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at $35,000. Centricity Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth about $39,000. TCTC Holdings LLC boosted its holdings in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after buying an additional 430 shares during the period. Modus Advisors LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $56,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $84.33 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a market cap of $60.55 billion, a PE ratio of 14.51, a P/E/G ratio of 0.97 and a beta of 1.03. 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 50-day moving average price is $85.33 and its two-hundred day moving average price is $79.94.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results 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 company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. During the same period in the previous year, the firm posted $1.28 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, analysts expect 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 Dividend Announcement

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 dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.36%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BK. Evercore ISI boosted their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. UBS Group boosted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Citigroup raised their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.07.

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.