Twin Tree Management LP Grows Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Twin Tree Management LP grew its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 349.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 77,954 shares of the bank’s stock after purchasing an additional 60,622 shares during the quarter. Twin Tree Management LP’s holdings in Bank of New York Mellon were worth $5,989,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. FMR LLC boosted its stake in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of 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 acquiring an additional 3,142,869 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter worth approximately $90,955,000. Zacks Investment Management purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $62,589,000. Finally, State Street Corp increased its position in Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

BK stock opened at $82.47 on Tuesday. The company has a market capitalization of $59.21 billion, a PE ratio of 14.19, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock’s 50 day moving average is $84.39 and its two-hundred day moving average is $78.66. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week 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. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year. Analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BK. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada restated a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday. Truist Financial raised their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. UBS Group increased their target price 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. Finally, Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $89.50.

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.