TCTC Holdings LLC Increases Stake in The Bank of New York Mellon Co. (NYSE:BK)

TCTC Holdings LLC raised its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 257.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 597 shares of the bank’s stock after buying an additional 430 shares during the quarter. TCTC Holdings LLC’s holdings in Bank of New York Mellon were worth $46,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BK. Centricity Wealth Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $39,000. Modus Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $49,000. Friedenthal Financial purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth about $56,000. Asset Dedication LLC grew its holdings in shares of Bank of New York Mellon by 342.1% during the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock worth $58,000 after purchasing an additional 585 shares in the last quarter. Finally, Grove Bank & Trust grew its holdings in shares of Bank of New York Mellon by 21.0% during the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $82.47 on Tuesday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The stock has a 50 day moving average price of $84.39 and a two-hundred day moving average price of $78.66. The company has a market capitalization of $59.21 billion, a P/E ratio of 14.19, a PEG ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The business’s revenue was up 11.2% on a year-over-year basis. Analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.28%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Morgan Stanley boosted their price objective on 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. Evercore ISI boosted their price objective on 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. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Bank of America boosted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.50.

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.