Leavell Investment Management Inc. Buys New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Posted by Defense World Staff on Mar 25th, 2023

Leavell Investment Management Inc. bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,788 shares of the bank’s stock, valued at approximately $218,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Acadian Asset Management LLC raised its stake in Bank of New York Mellon by 160.0% during the 1st quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock valued at $263,000 after purchasing an additional 3,297 shares during the period. Prudential PLC bought a new stake in Bank of New York Mellon during the 1st quarter valued at approximately $1,096,000. Cetera Investment Advisers increased its stake in 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. increased its stake in 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. increased its stake in 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. Institutional investors own 82.29% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the topic of a number of research reports. Royal Bank of Canada reduced their price objective on Bank of New York Mellon from $49.00 to $44.00 and set a “sector perform” rating on the stock in a research note on Friday. Bank of America initiated coverage on Bank of New York Mellon in a research note on Thursday, January 12th. They issued a “buy” rating and a $56.00 price objective on the stock. The Goldman Sachs Group raised Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Wednesday, January 4th. Barclays lifted their price objective on Bank of New York Mellon from $57.00 to $64.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 3rd. Finally, Morgan Stanley lifted their target price on 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. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Hold” and a consensus price target of $51.81.

Bank of New York Mellon Price Performance

BK opened at $42.75 on Friday. The business has a fifty day moving average of $49.07 and a 200 day moving average of $45.28. 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 has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.86. The stock has a market cap of $34.19 billion, a P/E ratio of 14.74, a PEG ratio of 1.17 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK – Get Rating) last posted its quarterly earnings data on Friday, January 13th. The bank reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.08. Bank of New York Mellon had a return on equity of 10.78% and a net margin of 12.87%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Bank of New York Mellon’s revenue was down 2.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 4.83 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 3rd. Investors of record on Monday, January 23rd were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend was Friday, January 20th. Bank of New York Mellon’s payout ratio is currently 51.03%.

Bank of New York Mellon 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.