Harbor Investment Advisory LLC Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

Harbor Investment Advisory LLC boosted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1,956.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,409 shares of the bank’s stock after buying an additional 8,000 shares during the period. Harbor Investment Advisory LLC’s holdings in Bank of New York Mellon were worth $646,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. United Advisor Group LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $595,000. Czech National Bank grew its position in shares of Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares in the last quarter. Principal Financial Group Inc. lifted its position in Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after buying an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp boosted its stake in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after buying an additional 33,558 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 2.0 %

Shares of BK opened at $84.92 on Wednesday. The company’s 50-day simple moving average is $78.96 and its 200-day simple moving average is $72.57. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $85.00. The stock has a market capitalization of $61.74 billion, a PE ratio of 14.62, a P/E/G ratio of 0.95 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the business earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Analysts forecast that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be issued 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 2.21%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Analysts Set New Price Targets

Several research firms have recently commented on BK. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. UBS Group boosted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday. Barclays raised their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. JPMorgan Chase & Co. upped their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, October 7th. Finally, Evercore ISI lifted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

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.