DnB Asset Management AS Grows Holdings in The Bank of New York Mellon Co. (NYSE:BK)

DnB Asset Management AS boosted its position in The Bank of New York Mellon Co. (NYSE:BK) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 137,765 shares of the bank’s stock after purchasing an additional 4,910 shares during the period. DnB Asset Management AS’s holdings in Bank of New York Mellon were worth $10,584,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Graney & King LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $35,000. Centricity Wealth Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC increased its position in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after purchasing an additional 430 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $49,000. Finally, Friedenthal Financial purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $56,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on BK shares. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Truist Financial lifted their price target 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. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Bank of America increased their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $82.67 on Friday. The firm’s 50 day simple moving average is $85.34 and its 200 day simple moving average is $79.61. 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 Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34. The firm has a market capitalization of $59.35 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the business posted $1.28 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts expect 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was 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.