Fulton Bank N.A. Raises Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Posted by Defense World Staff on Mar 18th, 2023

Fulton Bank N.A. boosted its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 2.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,806 shares of the bank’s stock after purchasing an additional 432 shares during the period. Fulton Bank N.A.’s holdings in Bank of New York Mellon were worth $811,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Acadian Asset Management LLC lifted its holdings in shares of Bank of New York Mellon by 160.0% in the 1st quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock worth $263,000 after acquiring an additional 3,297 shares during the last quarter. Prudential PLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $1,096,000. Cetera Investment Advisers lifted its holdings in shares of Bank of New York Mellon by 3.3% in the 1st quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock worth $1,769,000 after acquiring an additional 1,154 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its holdings in shares of Bank of New York Mellon by 54.3% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock worth $11,519,000 after acquiring an additional 81,728 shares during the last quarter. Finally, Zions Bancorporation N.A. lifted its holdings in shares of Bank of New York Mellon by 165.3% in the 1st quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock worth $72,000 after acquiring an additional 909 shares during the last quarter. 82.29% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 4.1 %

Shares of NYSE:BK opened at $42.58 on Friday. The Bank of New York Mellon Co. has a 52 week low of $36.22 and a 52 week high of $53.63. The company’s 50 day moving average is $49.53 and its two-hundred day moving average is $45.20. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.86. The company has a market cap of $34.05 billion, a PE ratio of 14.68, a P/E/G ratio of 1.18 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK – Get Rating) last announced its quarterly earnings data on Friday, January 13th. The bank reported $1.30 EPS for the quarter, beating 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 company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the prior year, the firm posted $1.04 EPS. The company’s quarterly revenue was down 2.4% compared to the same quarter last year. Equities 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 company also recently disclosed a quarterly dividend, which was paid on Friday, February 3rd. Shareholders of record on Monday, January 23rd were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend was Friday, January 20th. Bank of New York Mellon’s dividend payout ratio is presently 51.03%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Wednesday, February 1st. 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 objective on the stock in a report on Wednesday, January 4th. StockNews.com started coverage on shares of Bank of New York Mellon in a report on Thursday. They set a “hold” rating on the stock. Barclays increased their target price on shares of Bank of New York Mellon from $57.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Finally, Bank of America started coverage on shares of Bank of New York Mellon in a report on Thursday, January 12th. They set a “buy” rating and a $56.00 target price on the stock. 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’s stock. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus price target of $52.19.

Bank of New York Mellon Company Profile

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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.