Alpha Paradigm Partners LLC grew its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 562.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,612 shares of the bank’s stock after purchasing an additional 7,312 shares during the period. Alpha Paradigm Partners LLC’s holdings in Bank of New York Mellon were worth $332,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. St. James Investment Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 3.3% during the 3rd quarter. St. James Investment Advisors LLC now owns 7,510 shares of the bank’s stock worth $289,000 after acquiring an additional 240 shares during the period. Laurel Wealth Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 1.7% during the 1st quarter. Laurel Wealth Advisors Inc. now owns 14,451 shares of the bank’s stock worth $717,000 after acquiring an additional 245 shares during the period. Ronald Blue Trust Inc. lifted its holdings in shares of Bank of New York Mellon by 25.0% during the 3rd quarter. Ronald Blue Trust Inc. now owns 1,346 shares of the bank’s stock worth $57,000 after acquiring an additional 269 shares during the period. Penserra Capital Management LLC lifted its holdings in shares of Bank of New York Mellon by 8.4% during the 1st quarter. Penserra Capital Management LLC now owns 3,631 shares of the bank’s stock worth $180,000 after acquiring an additional 282 shares during the period. Finally, Neuberger Berman Group LLC lifted its holdings in shares of Bank of New York Mellon by 0.6% during the 1st quarter. Neuberger Berman Group LLC now owns 45,900 shares of the bank’s stock worth $2,278,000 after acquiring an additional 288 shares during the period. 82.29% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts have recently weighed in on the stock. Citigroup increased their price objective on shares of Bank of New York Mellon from $50.00 to $55.00 in a report on Friday, December 9th. Barclays raised their price target on shares of Bank of New York Mellon from $57.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Bank of America began coverage on shares of Bank of New York Mellon in a report on Thursday, January 12th. They issued a “buy” rating and a $56.00 price target on the stock. The Goldman Sachs Group upgraded shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a report on Wednesday, January 4th. Finally, Wolfe Research upgraded shares of Bank of New York Mellon from a “peer perform” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Wednesday, January 4th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $52.19.
Bank of New York Mellon Stock Up 3.6 %
Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings results on Friday, January 13th. The bank reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.08. Bank of New York Mellon had a net margin of 12.87% and a return on equity of 10.78%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter last year, the company earned $1.04 earnings per share. The business’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts predict that The Bank of New York Mellon Co. will post 4.83 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 3rd. Shareholders of record on Monday, January 23rd were issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date was Friday, January 20th. Bank of New York Mellon’s dividend payout ratio is presently 51.03%.
Bank of New York Mellon Profile
The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.
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