Handelsbanken Fonder AB Acquires 59,418 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Handelsbanken Fonder AB raised its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 21.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 338,747 shares of the bank’s stock after purchasing an additional 59,418 shares during the quarter. Handelsbanken Fonder AB’s holdings in Bank of New York Mellon were worth $26,026,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BK. Fortitude Family Office LLC grew its stake in Bank of New York Mellon by 130.6% in 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 in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon in the 3rd quarter worth $46,000. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth $49,000. Concord Wealth Partners increased its stake in shares of Bank of New York Mellon by 150.5% during the third quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock valued at $54,000 after buying an additional 453 shares during the period. Finally, Friedenthal Financial bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $56,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $87.20 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $89.44. 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 firm has a market capitalization of $63.40 billion, a price-to-earnings ratio of 15.01, a PEG ratio of 1.01 and a beta of 1.08. The stock’s 50-day simple moving average is $81.87 and its 200-day simple moving average is $76.08.

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, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for 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%. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.28 EPS. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 6.93 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research reports. Citigroup raised their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Keefe, Bruyette & Woods increased their price objective on shares of 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. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday. Truist Financial increased their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Barclays boosted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock 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 given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average target price of $88.00.

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.