Relyea Zuckerberg Hanson LLC Takes $252,000 Position in The Bank of New York Mellon Co. (NYSE:BK)

Relyea Zuckerberg Hanson LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,284 shares of the bank’s stock, valued at approximately $252,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after acquiring an additional 8,512,404 shares during the period. Wellington Management Group LLP increased its position in Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after purchasing an additional 3,142,869 shares during the last quarter. Marshall Wace LLP raised its stake in Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock worth $157,583,000 after purchasing an additional 1,311,969 shares during the period. Zacks Investment Management acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $62,589,000. Finally, State Street Corp grew its stake in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after buying an additional 659,096 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on BK. Bank of America upped their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. Truist Financial upped their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup raised their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Barclays increased their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, UBS Group boosted their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Up 1.3 %

Bank of New York Mellon stock opened at $83.31 on Friday. The firm has a market capitalization of $60.57 billion, a P/E ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $83.67. The stock’s fifty day simple moving average is $78.74 and its 200-day simple moving average is $72.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.28 EPS. As a group, equities analysts expect that The Bank of New York Mellon Co. will post 5.87 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.26%. Bank of New York Mellon’s dividend payout ratio is currently 40.87%.

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.