Mystic Asset Management Inc. Invests $268,000 in The Bank of New York Mellon Co. (NYSE:BK)

Mystic Asset Management Inc. acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,494 shares of the bank’s stock, valued at approximately $268,000.

Several other institutional investors have also modified their holdings of the stock. Cape Investment Advisory Inc. lifted its position in shares of Bank of New York Mellon by 12.6% during the 4th quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank’s stock worth $90,000 after buying an additional 131 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in Bank of New York Mellon by 0.4% in the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank’s stock valued at $2,653,000 after purchasing an additional 133 shares during the last quarter. Studio Investment Management LLC raised its position in Bank of New York Mellon by 2.1% in the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after purchasing an additional 134 shares during the last quarter. Grove Bank & Trust raised its position in Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after purchasing an additional 135 shares during the last quarter. Finally, Valeo Financial Advisors LLC raised its position in Bank of New York Mellon by 1.6% in the 4th quarter. Valeo Financial Advisors LLC now owns 9,041 shares of the bank’s stock valued at $695,000 after purchasing an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $82.62 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The stock has a market cap of $59.32 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The firm’s fifty day simple moving average is $84.48 and its 200-day simple moving average is $78.76.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate 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 business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the firm earned $1.28 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.28%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Wall Street Analyst Weigh In

Several research firms recently commented on BK. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Evercore ISI upped their price target on shares of 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. Barclays upped their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday. Finally, Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $89.50.

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.