Parallel Advisors LLC Acquires 363 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Parallel Advisors LLC increased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 3.0% in the 4th quarter, Holdings Channel reports. The institutional investor owned 12,450 shares of the bank’s stock after purchasing an additional 363 shares during the period. Parallel Advisors LLC’s holdings in Bank of New York Mellon were worth $957,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of BK. Centricity Wealth Management LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $39,000. Modus Advisors LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $49,000. Friedenthal Financial purchased a new stake in Bank of New York Mellon in the 4th quarter worth approximately $56,000. Asset Dedication LLC lifted its stake in Bank of New York Mellon by 342.1% in the 4th quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock worth $58,000 after purchasing an additional 585 shares in the last quarter. Finally, Grove Bank & Trust lifted its stake in Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on BK shares. Wells Fargo & Company increased their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Royal Bank of Canada reiterated 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. Deutsche Bank Aktiengesellschaft increased their target price 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. UBS Group increased their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Finally, Barclays raised their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research 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. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $89.50.

Bank of New York Mellon Price Performance

BK stock opened at $83.95 on Thursday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The firm’s fifty day moving average is $84.60 and its 200 day moving average is $78.80. The firm has a market cap of $60.27 billion, a P/E ratio of 14.45, a P/E/G ratio of 0.97 and a beta of 1.06.

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, topping analysts’ consensus estimates of $1.54 by $0.18. The business 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%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.28 EPS. Research analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

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.