Empirical Finance LLC Sells 374 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Empirical Finance LLC lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 25,666 shares of the bank’s stock after selling 374 shares during the period. Empirical Finance LLC’s holdings in Bank of New York Mellon were worth $1,972,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Studio Investment Management LLC boosted its holdings 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 worth $477,000 after purchasing an additional 134 shares during the last quarter. Stanley Laman Group Ltd. lifted 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 worth $445,000 after buying an additional 135 shares in the last quarter. Grove Bank & Trust boosted its stake in shares of Bank of New York Mellon by 21.0% in the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after buying an additional 135 shares during the last quarter. Avidian Wealth Enterprises LLC grew its holdings 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 valued at $505,000 after acquiring an additional 137 shares in the last quarter. Finally, Frank Rimerman Advisors LLC increased its position in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock valued at $928,000 after acquiring an additional 142 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

NYSE BK opened at $86.15 on Monday. The company’s 50 day simple moving average is $80.70 and its two-hundred day simple moving average is $74.75. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $87.70. The stock has a market capitalization of $62.64 billion, a PE ratio of 14.83, a P/E/G ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data 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. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate 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 firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 earnings per share. Analysts predict that The Bank of New York Mellon Co. will post 6.89 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders 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 yield of 2.18%. Bank of New York Mellon’s payout ratio is presently 32.36%.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Evercore ISI boosted their price objective on 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. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Barclays boosted their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research report on Tuesday, December 3rd. Finally, Truist Financial lifted their price target on shares of 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. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon 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.