Great Lakes Retirement Inc. Makes New $588,000 Investment in The Bank of New York Mellon Co. (NYSE:BK)

Great Lakes Retirement Inc. acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 7,655 shares of the bank’s stock, valued at approximately $588,000.

Several other hedge funds have also recently bought and sold shares of BK. McClarren Financial Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares during the period. Fortitude Family Office LLC increased its holdings in shares of Bank of New York Mellon by 130.6% during 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 during the period. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $49,000. Ashton Thomas Securities LLC bought a new position in shares of Bank of New York Mellon during the third quarter worth approximately $46,000. Finally, Grove Bank & Trust increased its holdings in shares of Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the topic of several recent research reports. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Finally, Keefe, Bruyette & Woods lifted 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. 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.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

NYSE BK opened at $85.30 on Thursday. The firm’s fifty day moving average price is $80.87 and its two-hundred day moving average price is $75.11. The stock has a market cap of $62.02 billion, a PE ratio of 14.68, a PEG ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $87.70. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 earnings per share. On average, equities analysts expect that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.20%. Bank of New York Mellon’s payout ratio is presently 32.36%.

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.