NewEdge Advisors LLC Purchases 407,054 Shares of The Bank of New York Mellon Co. (NYSE:BK)

NewEdge Advisors LLC lifted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1,556.7% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 433,202 shares of the bank’s stock after purchasing an additional 407,054 shares during the quarter. NewEdge Advisors LLC’s holdings in Bank of New York Mellon were worth $33,283,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Graney & King LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $35,000. Centricity Wealth Management LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth about $39,000. TCTC Holdings LLC grew its holdings 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 during the period. Modus Advisors LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth about $49,000. Finally, Friedenthal Financial bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $56,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.3 %

Shares of BK stock opened at $77.74 on Wednesday. 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 stock has a market capitalization of $55.81 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.97 and a beta of 1.03. The firm’s 50 day moving average is $83.29 and its 200 day moving average is $80.26.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The firm had revenue of $4.79 billion for the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period last year, the business posted $1.29 EPS. Research analysts expect 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 will be paid on Friday, May 2nd. Shareholders of record on Monday, April 21st will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, April 21st. 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 currently 30.62%.

Analyst Upgrades and Downgrades

BK has been the topic of several recent research reports. Truist Financial cut their price target on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Monday. UBS Group increased their target price on 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. Bank of America lifted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley decreased their target price on shares of 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. Six 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 stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.64.

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.