Magnolia Capital Management Ltd. Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Magnolia Capital Management Ltd. purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,657 shares of the bank’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently modified their holdings of BK. Moors & Cabot Inc. increased its position in shares of Bank of New York Mellon by 1.0% during the 2nd quarter. Moors & Cabot Inc. now owns 34,194 shares of the bank’s stock worth $2,048,000 after purchasing an additional 353 shares during the last quarter. Primecap Management Co. CA increased its holdings in Bank of New York Mellon by 11.7% during the second quarter. Primecap Management Co. CA now owns 711,500 shares of the bank’s stock worth $42,612,000 after buying an additional 74,700 shares during the last quarter. Axxcess Wealth Management LLC raised its position in Bank of New York Mellon by 45.4% during the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after acquiring an additional 3,389 shares in the last quarter. Argent Trust Co lifted its stake in Bank of New York Mellon by 10.5% in the second quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock valued at $1,309,000 after acquiring an additional 2,072 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Bank of New York Mellon by 3.7% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock valued at $1,493,000 after acquiring an additional 897 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on BK. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. JPMorgan Chase & Co. lifted their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Citigroup increased their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Finally, Truist Financial assumed coverage on shares of Bank of New York Mellon in a research report on Tuesday, January 7th. They issued a “buy” rating and a $91.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $82.64.

Bank of New York Mellon Trading Up 7.9 %

BK opened at $81.95 on Thursday. The company’s 50 day moving average is $78.58 and its 200-day moving average is $71.94. The company has a market cap of $59.58 billion, a P/E ratio of 17.82, a PEG ratio of 0.91 and a beta of 1.08. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $82.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the previous year, the firm posted $1.28 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. Equities research analysts predict that The Bank of New York Mellon Co. will post 5.84 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.29%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

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.