Legacy Capital Group California Inc. Acquires New Shares in The Bank of New York Mellon Co. (NYSE:BK)

Legacy Capital Group California Inc. bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 16,783 shares of the bank’s stock, valued at approximately $1,289,000.

A number of other large investors have also recently made changes to their positions in the stock. Studio Investment Management LLC grew its stake in Bank of New York Mellon by 2.1% during the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock valued at $477,000 after acquiring an additional 134 shares in the last quarter. Stanley Laman Group Ltd. grew its position in shares of Bank of New York Mellon by 2.2% during the 3rd quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock valued at $445,000 after purchasing an additional 135 shares in the last quarter. Grove Bank & Trust increased its holdings in shares of Bank of New York Mellon by 21.0% in the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its position in shares of Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after buying an additional 137 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its position in shares of Bank of New York Mellon by 1.6% in the fourth quarter. Valeo Financial Advisors LLC now owns 9,041 shares of the bank’s stock worth $695,000 after buying an additional 139 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on BK. Citigroup upped their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, November 25th. Evercore ISI upped their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays increased their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 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 given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Down 1.3 %

BK opened at $87.20 on Friday. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $89.44. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The business’s 50-day moving average price is $81.87 and its 200-day moving average price is $76.08. The company has a market cap of $63.40 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.01 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the prior year, the firm posted $1.28 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. On average, equities analysts expect that The Bank of New York Mellon Co. will post 6.93 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

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.