Park Avenue Securities LLC Purchases 10,706 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Park Avenue Securities LLC increased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 37.5% during the 4th quarter, HoldingsChannel reports. The firm owned 39,246 shares of the bank’s stock after buying an additional 10,706 shares during the period. Park Avenue Securities LLC’s holdings in Bank of New York Mellon were worth $3,015,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. McClarren Financial Advisors Inc. lifted its stake in shares of Bank of New York Mellon by 586.4% in the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Fortitude Family Office LLC raised its holdings in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares during the period. Grove Bank & Trust lifted its position in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after buying an additional 144 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon during the third quarter worth $46,000. Finally, Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at $49,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on BK shares. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley upped their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday. Evercore ISI raised their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday. Finally, UBS Group upped their price objective on Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Stock Performance

BK stock opened at $82.28 on Friday. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $82.72. The business has a 50-day moving average price of $78.65 and a 200 day moving average price of $72.01. The company has a market capitalization of $59.83 billion, a P/E ratio of 17.89, a PEG ratio of 0.76 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 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, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the company earned $1.28 EPS. The company’s revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 5.87 EPS 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. Shareholders of record on Monday, January 27th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.28%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

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.