Magnolia Capital Management Ltd. Takes Position in The Bank of New York Mellon Co. (NYSE:BK)

Magnolia Capital Management Ltd. purchased a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, HoldingsChannel reports. The firm purchased 2,657 shares of the bank’s stock, valued at approximately $204,000.

Other institutional investors also recently modified their holdings of the company. United Advisor Group LLC acquired a new stake in Bank of New York Mellon during the 3rd quarter valued at approximately $595,000. Czech National Bank boosted its stake in shares of Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after buying an additional 14,916 shares during the period. Chase Investment Counsel Corp raised its stake in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after buying an additional 33,558 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BK. The Goldman Sachs Group increased their price target on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Barclays increased their price target on Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Finally, Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.64.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $81.95 on Thursday. The stock has a market cap of $59.58 billion, a price-to-earnings ratio of 17.82, a PEG ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $82.72. The firm’s 50-day simple moving average is $78.58 and its 200 day simple moving average is $71.94.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 12.06% and a net margin of 9.44%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the company earned $1.28 earnings per share. As a group, research analysts anticipate that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.29%. Bank of New York Mellon’s dividend payout ratio is 40.87%.

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.