QRG Capital Management Inc. Boosts Holdings in The Bank of New York Mellon Co. (NYSE:BK)

QRG Capital Management Inc. grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 11.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 339,042 shares of the bank’s stock after purchasing an additional 36,017 shares during the quarter. QRG Capital Management Inc.’s holdings in Bank of New York Mellon were worth $26,049,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in BK. Centricity Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $39,000. Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon in the third quarter worth approximately $46,000. Modus Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter worth approximately $49,000. Finally, Friedenthal Financial purchased a new position in Bank of New York Mellon in the fourth quarter worth approximately $56,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $86.23 on Thursday. The stock has a market capitalization of $62.70 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.97 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 $89.44. The firm’s fifty day simple moving average is $82.59 and its 200-day simple moving average is $76.86. 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 issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates 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 business’s revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.28 EPS. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.18%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BK shares. 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 research note on Thursday, January 16th. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Citigroup lifted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Finally, Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

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.