Portfolio Design Labs LLC Purchases New Shares in The Bank of New York Mellon Co. (NYSE:BK)

Portfolio Design Labs LLC purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 3,319 shares of the bank’s stock, valued at approximately $255,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. McClarren Financial Advisors Inc. lifted its position 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 period. Fortitude Family Office LLC lifted its position in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares during the period. Grove Bank & Trust lifted its position in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. Ashton Thomas Securities LLC bought a new stake in Bank of New York Mellon during the third quarter worth about $46,000. Finally, Modus Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth about $49,000. Institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on BK. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Truist Financial increased their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. UBS Group increased their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Evercore ISI increased their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Stock Down 0.2 %

Shares of NYSE BK opened at $85.30 on Thursday. The company has a 50 day simple moving average of $80.87 and a 200 day simple moving average of $75.11. The firm has a market cap of $62.02 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. 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 debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released 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 business 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 quarter in the prior year, the firm posted $1.28 EPS. On average, research analysts forecast that The Bank of New York Mellon Co. will post 6.89 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

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.