ProVise Management Group LLC Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

ProVise Management Group LLC lessened its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 95,704 shares of the bank’s stock after selling 3,984 shares during the quarter. ProVise Management Group LLC’s holdings in Bank of New York Mellon were worth $7,353,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BK. Centricity Wealth Management LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $39,000. TCTC Holdings LLC grew its holdings in Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after buying an additional 430 shares in the last quarter. Modus Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $49,000. Friedenthal Financial purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $56,000. Finally, Asset Dedication LLC grew its holdings in Bank of New York Mellon by 342.1% during the 4th quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after buying an additional 585 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $82.62 on Wednesday. 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 fifty-two week low of $52.64 and a fifty-two week high of $90.34. The stock has a 50 day moving average price of $84.48 and a two-hundred day moving average price of $78.76. The company has a market capitalization of $59.32 billion, a P/E ratio of 14.22, a PEG ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.28 earnings per share. Analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BK. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Citigroup boosted their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Evercore ISI boosted their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Finally, Bank of America boosted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $89.50.

Bank of New York Mellon Company Profile

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.