Arrowstreet Capital Limited Partnership Increases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Arrowstreet Capital Limited Partnership lifted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 17.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,751,219 shares of the bank’s stock after buying an additional 1,125,493 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.07% of Bank of New York Mellon worth $595,526,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Graney & King LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth approximately $35,000. Centricity Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth $39,000. TCTC Holdings LLC lifted its position in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after purchasing an additional 430 shares during the last quarter. Modus Advisors LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth $49,000. Finally, Friedenthal Financial purchased a new position in Bank of New York Mellon in the fourth quarter valued at $56,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BK has been the subject of several analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price objective on shares of Bank of New York Mellon in a research report on Monday, March 17th. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Truist Financial boosted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $89.71.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $82.67 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The firm has a market cap of $59.35 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The firm’s fifty day moving average price is $85.34 and its 200 day moving average price is $79.61. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.28 earnings per share. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued 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 2.27%. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Bank of New York Mellon 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.