Financial Counselors Inc. Raises Stake in The Bank of New York Mellon Co. (NYSE:BK)

Financial Counselors Inc. increased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,260 shares of the bank’s stock after purchasing an additional 184 shares during the quarter. Financial Counselors Inc.’s holdings in Bank of New York Mellon were worth $327,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the business. Centricity Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC increased its holdings in Bank of New York Mellon by 257.5% in the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after purchasing an additional 430 shares in the last quarter. Modus Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $49,000. Friedenthal Financial purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $56,000. Finally, Asset Dedication LLC grew its stake in shares of Bank of New York Mellon by 342.1% in the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after buying an additional 585 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on BK. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Bank of America raised 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. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.71.

Bank of New York Mellon Stock Performance

BK stock opened at $82.67 on Friday. The firm has a market cap of $59.35 billion, a P/E ratio of 14.23, a P/E/G ratio of 0.97 and a beta of 1.06. The stock’s 50 day simple moving average is $85.34 and its 200 day simple moving average is $79.53. 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.

Bank of New York Mellon (NYSE:BK) last posted 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. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend 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.