Great Lakes Advisors LLC Raises Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Great Lakes Advisors LLC grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 1.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,734 shares of the bank’s stock after acquiring an additional 639 shares during the period. Great Lakes Advisors LLC’s holdings in Bank of New York Mellon were worth $2,976,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Centricity Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at $39,000. Modus Advisors LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth $49,000. Friedenthal Financial purchased a new stake in Bank of New York Mellon during the 4th quarter worth $56,000. Asset Dedication LLC increased 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 worth $58,000 after buying an additional 585 shares during the period. Finally, Grove Bank & Trust increased 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 worth $60,000 after buying an additional 135 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 2.8 %

NYSE BK opened at $81.87 on Friday. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $90.34. The company has a 50-day simple moving average of $84.30 and a 200-day simple moving average of $78.40. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm has a market capitalization of $58.78 billion, a PE ratio of 14.09, a price-to-earnings-growth 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. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business posted $1.28 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. On average, 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 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 paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BK shares. Bank of America lifted their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Barclays raised their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average 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.