Rational Advisors LLC boosted its position in Bank of New York Mellon Corp (NYSE:BK) by 974.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 838 shares of the bank’s stock after purchasing an additional 760 shares during the quarter. Rational Advisors LLC’s holdings in Bank of New York Mellon were worth $42,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in BK. Millennium Management LLC increased its holdings in shares of Bank of New York Mellon by 450.5% during the third quarter. Millennium Management LLC now owns 3,237,204 shares of the bank’s stock valued at $146,353,000 after acquiring an additional 2,649,168 shares in the last quarter. M&G Investment Management Ltd. purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $75,454,000. Point72 Asset Management L.P. purchased a new stake in Bank of New York Mellon in the third quarter valued at approximately $50,268,000. Clark Capital Management Group Inc. purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $23,877,000. Finally, First Trust Advisors LP boosted its position in Bank of New York Mellon by 26.3% in the third quarter. First Trust Advisors LP now owns 1,845,377 shares of the bank’s stock valued at $83,429,000 after buying an additional 384,353 shares during the last quarter. Institutional investors and hedge funds own 80.87% of the company’s stock.
BK has been the topic of a number of recent research reports. Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and dropped their target price for the company from $55.00 to $53.00 in a research report on Tuesday, January 21st. Morgan Stanley dropped their target price on Bank of New York Mellon from $54.00 to $51.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Wolfe Research upgraded Bank of New York Mellon from a “peer perform” rating to an “outperform” rating in a research report on Monday, January 6th. Evercore ISI reiterated a “sell” rating and issued a $49.00 target price on shares of Bank of New York Mellon in a research report on Monday, January 20th. Finally, Standpoint Research initiated coverage on Bank of New York Mellon in a research report on Monday, December 23rd. They issued an “accumulate” rating on the stock. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Bank of New York Mellon presently has an average rating of “Hold” and a consensus target price of $51.50.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Thursday, January 16th. The bank reported $1.01 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.02. The business had revenue of $3.99 billion for the quarter, compared to analyst estimates of $4.17 billion. Bank of New York Mellon had a return on equity of 10.49% and a net margin of 21.39%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.99 EPS. As a group, sell-side analysts expect that Bank of New York Mellon Corp will post 4.14 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend was Friday, January 24th. Bank of New York Mellon’s payout ratio is 30.85%.
About Bank of New York Mellon
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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