13,673 Shares in The Bank of New York Mellon Co. (NYSE:BK) Bought by WealthTrust Asset Management LLC

WealthTrust Asset Management LLC bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 13,673 shares of the bank’s stock, valued at approximately $1,050,000.

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

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $81.87 on Friday. The business has a 50 day simple moving average of $84.30 and a two-hundred day simple moving average of $78.47. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34. The stock has a market capitalization of $58.78 billion, a P/E ratio of 14.09, a PEG ratio of 0.97 and a beta of 1.06. 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 announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating 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 business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. As a group, analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS 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. Shareholders 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 2.30%. Bank of New York Mellon’s payout ratio is currently 32.36%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Barclays boosted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Truist Financial boosted their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Monday, March 3rd. Bank of America boosted their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, UBS Group boosted their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.71.

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.