Allworth Financial LP Has $2.25 Million Stake in The Bank of New York Mellon Co. (NYSE:BK)

Allworth Financial LP boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 215.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 26,702 shares of the bank’s stock after buying an additional 18,246 shares during the quarter. Allworth Financial LP’s holdings in Bank of New York Mellon were worth $2,252,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BK. Fortitude Family Office LLC increased its position in shares of Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after buying an additional 346 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon during the 3rd quarter worth about $46,000. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter worth about $49,000. Concord Wealth Partners lifted its stake in shares of Bank of New York Mellon by 150.5% in the 3rd quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock valued at $54,000 after purchasing an additional 453 shares during the period. Finally, Friedenthal Financial bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $56,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.2 %

Shares of Bank of New York Mellon stock opened at $88.94 on Wednesday. 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 fifty day simple moving average of $81.37 and a 200 day simple moving average of $75.73. 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 market capitalization of $64.66 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company posted $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, sell-side analysts anticipate 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 Dividend Announcement

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 $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.11%. Bank of New York Mellon’s payout ratio is presently 32.36%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BK. UBS Group boosted their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Truist Financial lifted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Evercore ISI increased 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. Finally, Barclays upped their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

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.