Scotia Capital Inc. Boosts Stake in The Bank of New York Mellon Co. (NYSE:BK)

Scotia Capital Inc. lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,527 shares of the bank’s stock after acquiring an additional 1,164 shares during the quarter. Scotia Capital Inc.’s holdings in Bank of New York Mellon were worth $1,116,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BK. Morgan Stanley lowered their price target on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a report on Wednesday, April 2nd. Barclays increased their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Bank of America lifted their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Truist Financial dropped their price objective on shares of Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Finally, UBS Group raised 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 report on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.86.

Bank of New York Mellon Stock Up 1.5 %

Shares of Bank of New York Mellon stock opened at $77.75 on Monday. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34. The company has a market capitalization of $55.82 billion, a P/E ratio of 13.38, a PEG ratio of 0.97 and a beta of 1.03. The business’s fifty day moving average price is $83.63 and its two-hundred day moving average price is $80.24. 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 issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. The business had revenue of $4.79 billion for the quarter, compared to analysts’ expectations of $4.76 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 5.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.29 earnings per share. As a group, research analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.42%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

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.