The Bank of New York Mellon Co. (NYSE:BK) Shares Bought by Thoroughbred Financial Services LLC

Thoroughbred Financial Services LLC lifted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 9.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,912 shares of the bank’s stock after purchasing an additional 886 shares during the period. Thoroughbred Financial Services LLC’s holdings in Bank of New York Mellon were worth $761,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $1,150,462,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Bank of New York Mellon by 17.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after acquiring an additional 1,125,493 shares during the period. Amundi raised its position in Bank of New York Mellon by 5.1% in the 4th quarter. Amundi now owns 7,363,015 shares of the bank’s stock valued at $573,947,000 after purchasing an additional 359,942 shares during the last quarter. Wellington Management Group LLP boosted its stake in Bank of New York Mellon by 2,707.1% during the 3rd 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 period. Finally, Franklin Resources Inc. grew its position in Bank of New York Mellon by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 2,297,463 shares of the bank’s stock worth $176,514,000 after purchasing an additional 44,734 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

BK opened at $73.17 on Friday. The stock’s 50 day simple moving average is $84.98 and its 200 day simple moving average is $80.02. The stock has a market cap of $52.53 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $1.28 earnings per share. As a group, equities analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BK shares. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Morgan Stanley decreased their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday. Truist Financial dropped their target price on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Citigroup upped their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research report on Monday, March 24th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.86.

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.