Azimuth Capital Investment Management LLC Has $31.79 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Azimuth Capital Investment Management LLC grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 28.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 413,822 shares of the bank’s stock after purchasing an additional 92,558 shares during the period. Bank of New York Mellon comprises about 1.2% of Azimuth Capital Investment Management LLC’s investment portfolio, making the stock its 14th largest holding. Azimuth Capital Investment Management LLC’s holdings in Bank of New York Mellon were worth $31,794,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Graney & King LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $35,000. Centricity Wealth Management LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC increased its position in shares of Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after purchasing an additional 430 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter worth $49,000. Finally, Friedenthal Financial purchased a new position in shares of Bank of New York Mellon in the 4th quarter worth about $56,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on BK. UBS Group lifted their price objective 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. Morgan Stanley dropped their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $89.86.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $73.36 on Wednesday. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34. 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 stock has a market cap of $52.67 billion, a P/E ratio of 12.63, a P/E/G ratio of 0.97 and a beta of 1.03. The company has a 50 day moving average of $84.22 and a 200 day moving average of $80.06.

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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the business posted $1.28 earnings per share. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.56%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 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.