Allen Wealth Management LLC Has $1.83 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Allen Wealth Management LLC cut its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 5.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 23,771 shares of the bank’s stock after selling 1,482 shares during the quarter. Bank of New York Mellon makes up about 1.3% of Allen Wealth Management LLC’s holdings, making the stock its 15th largest holding. Allen Wealth Management LLC’s holdings in Bank of New York Mellon were worth $1,826,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of BK. State Street Corp raised its stake in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares during the period. Norges Bank bought a new position in shares of Bank of New York Mellon during the fourth quarter worth about $1,150,462,000. Arrowstreet Capital Limited Partnership raised its position in Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after buying an additional 1,125,493 shares during the last quarter. Amundi raised its holdings in shares of Bank of New York Mellon by 5.1% in the fourth quarter. Amundi now owns 7,363,015 shares of the bank’s stock valued at $573,947,000 after purchasing an additional 359,942 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after purchasing an additional 3,142,869 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 0.7 %

Shares of Bank of New York Mellon stock opened at $84.33 on Thursday. The firm has a market capitalization of $60.55 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. 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 firm’s 50 day moving average is $85.33 and its 200 day moving average is $79.94. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its quarterly 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 the consensus estimate of $4.66 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 for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. Equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.23%. 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 equities research analysts have commented on the stock. Wells Fargo & Company boosted their price target on shares of 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 issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Bank of America upped their price target on shares of 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. Finally, Barclays raised their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $90.07.

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.