MTM Investment Management LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

MTM Investment Management LLC bought a new position in The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, Holdings Channel reports. The firm bought 10,051 shares of the bank’s stock, valued at approximately $772,000.

Several other hedge funds have also made changes to their positions in BK. Studio Investment Management LLC lifted its stake in shares of Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares during the last quarter. Stanley Laman Group Ltd. lifted its stake in shares of Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after purchasing an additional 135 shares during the last quarter. Grove Bank & Trust increased its position in Bank of New York Mellon by 21.0% during the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after buying an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC increased its position in Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock valued at $505,000 after buying an additional 137 shares in the last quarter. Finally, Frank Rimerman Advisors LLC increased its position in Bank of New York Mellon by 1.1% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after buying an additional 142 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $85.30 on Thursday. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $87.70. 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 stock has a market cap of $62.02 billion, a PE ratio of 14.68, a P/E/G ratio of 0.98 and a beta of 1.08. The stock has a 50 day moving average price of $80.87 and a 200 day moving average price of $75.11.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.28 earnings per share. Equities research analysts expect that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced 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. This represents a $1.88 annualized dividend and a yield of 2.20%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group upped their target price on 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. Truist Financial upped their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Evercore ISI upped their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Finally, Barclays increased their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

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.