BLB&B Advisors LLC Invests $221,000 in The Bank of New York Mellon Co. (NYSE:BK)

Posted by on Mar 26th, 2023

BLB&B Advisors LLC purchased a new position in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 4,860 shares of the bank’s stock, valued at approximately $221,000.

Several other institutional investors and hedge funds also recently modified their holdings of BK. Goldman Sachs Group Inc. boosted its stake in Bank of New York Mellon by 149.6% during the second quarter. Goldman Sachs Group Inc. now owns 8,104,949 shares of the bank’s stock valued at $338,058,000 after buying an additional 4,857,962 shares in the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Bank of New York Mellon in the 3rd quarter valued at $55,646,000. Vanguard Group Inc. boosted its position in shares of Bank of New York Mellon by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 67,626,336 shares of the bank’s stock valued at $2,604,967,000 after purchasing an additional 1,183,130 shares during the period. Victory Capital Management Inc. boosted its position in shares of Bank of New York Mellon by 13.8% in the 3rd quarter. Victory Capital Management Inc. now owns 9,278,963 shares of the bank’s stock valued at $357,425,000 after purchasing an additional 1,127,786 shares during the period. Finally, LMR Partners LLP acquired a new position in shares of Bank of New York Mellon in the 3rd quarter valued at $37,030,000. Institutional investors own 82.29% of the company’s stock.

Bank of New York Mellon Stock Down 1.1 %

BK opened at $42.75 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $36.22 and a fifty-two week high of $53.63. The business has a 50-day moving average of $49.07 and a 200-day moving average of $45.31. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $34.19 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 1.14 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK – Get Rating) last posted 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 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 the consensus estimate of $4.12 billion. During the same period last year, the business earned $1.04 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts forecast that The Bank of New York Mellon Co. will post 4.83 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 3rd. Stockholders of record on Monday, January 23rd were paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date was Friday, January 20th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 51.03%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on BK shares. The Goldman Sachs Group upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Wednesday, January 4th. Wolfe Research upgraded Bank of New York Mellon from a “peer perform” rating to an “outperform” rating and set a $60.00 price target for the company in a research report on Wednesday, January 4th. Citigroup increased their price target on Bank of New York Mellon from $50.00 to $55.00 in a research report on Friday, December 9th. Barclays increased their price target on Bank of New York Mellon from $57.00 to $64.00 and gave the company an “overweight” rating in a research report on Tuesday, January 3rd. Finally, StockNews.com started coverage on Bank of New York Mellon in a research note on Thursday, March 16th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Hold” and an average price target of $51.81.

About Bank of New York Mellon

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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.

See Also

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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