The Bank of New York Mellon Co. (NYSE:BK) Shares Acquired by SouthState Corp

SouthState Corp grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 19,423.4% during the 4th quarter, Holdings Channel reports. The fund owned 9,176 shares of the bank’s stock after purchasing an additional 9,129 shares during the period. SouthState Corp’s holdings in Bank of New York Mellon were worth $705,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Twin Tree Management LP raised its position in Bank of New York Mellon by 349.8% during the fourth quarter. Twin Tree Management LP now owns 77,954 shares of the bank’s stock valued at $5,989,000 after acquiring an additional 60,622 shares in the last quarter. WealthTrust Asset Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,050,000. Corient Private Wealth LLC boosted its holdings in Bank of New York Mellon by 18.3% during the fourth quarter. Corient Private Wealth LLC now owns 335,507 shares of the bank’s stock worth $24,896,000 after buying an additional 51,913 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in Bank of New York Mellon by 15.4% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 58,892 shares of the bank’s stock valued at $4,525,000 after buying an additional 7,863 shares during the period. Finally, Natixis Advisors LLC increased its holdings in Bank of New York Mellon by 6.5% in the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock valued at $21,971,000 after buying an additional 17,457 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.9 %

BK stock opened at $82.47 on Tuesday. 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 firm has a 50-day moving average of $84.39 and a two-hundred day moving average of $78.66. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34. The company has a market cap of $59.21 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.28 earnings per share. As a group, analysts forecast 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 Announces Dividend

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

Analyst Ratings Changes

BK has been the topic of several recent analyst reports. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. UBS Group raised their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. 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, Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday. Six 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 currently has a consensus rating of “Moderate Buy” and an average target price 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.