ABC Arbitrage SA Takes $2.42 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

ABC Arbitrage SA acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 31,476 shares of the bank’s stock, valued at approximately $2,418,000.

A number of other hedge funds also recently made changes to their positions in the stock. United Advisor Group LLC bought a new position in Bank of New York Mellon in the 3rd quarter valued at approximately $595,000. Czech National Bank raised its holdings in Bank of New York Mellon by 4.9% during the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after purchasing an additional 7,316 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Bank of New York Mellon by 1.7% during the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after purchasing an additional 14,916 shares during the last quarter. Chase Investment Counsel Corp raised its holdings in Bank of New York Mellon by 67.2% during the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after purchasing an additional 33,558 shares during the last quarter. Finally, HighTower Advisors LLC raised its holdings in Bank of New York Mellon by 130.1% during the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after purchasing an additional 184,560 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BK has been the subject of several research analyst reports. Citigroup lifted their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Wells Fargo & Company lifted their price objective 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. Truist Financial boosted 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 downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Finally, Barclays boosted their price objective 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. Six 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, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Price Performance

BK opened at $87.94 on Friday. 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 company has a market capitalization of $63.94 billion, a price-to-earnings ratio of 15.14, a PEG ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $88.25. The business’s fifty day simple moving average is $81.08 and its 200-day simple moving average is $75.26.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the business posted $1.28 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.89 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. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.14%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 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.