3,474 Shares in The Bank of New York Mellon Co. (NYSE:BK) Acquired by Longboard Asset Management LP

Longboard Asset Management LP acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,474 shares of the bank’s stock, valued at approximately $267,000. Bank of New York Mellon accounts for approximately 0.7% of Longboard Asset Management LP’s portfolio, making the stock its 8th largest position.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. McClarren Financial Advisors Inc. lifted its stake in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the last quarter. Fortitude Family Office LLC raised its holdings in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares in the last quarter. Grove Bank & Trust lifted its position in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after buying an additional 144 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon in the third quarter valued at about $46,000. Finally, Modus Advisors LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at about $49,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on BK shares. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Citigroup raised their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Tuesday, January 28th. Finally, Keefe, Bruyette & Woods lifted 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. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Performance

BK stock opened at $85.22 on Tuesday. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $87.70. 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 stock has a 50-day moving average price of $80.29 and a 200-day moving average price of $74.04. The firm has a market cap of $61.96 billion, a PE ratio of 14.67, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm 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 12.68% and a net margin of 11.35%. The company’s revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 earnings per share. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Bank of New York Mellon 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.