Wescott Financial Advisory Group LLC Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Wescott Financial Advisory Group LLC acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,692 shares of the bank’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of BK. Rockefeller Capital Management L.P. raised its stake in Bank of New York Mellon by 0.9% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 29,519 shares of the bank’s stock worth $2,118,000 after acquiring an additional 250 shares during the last quarter. Benjamin Edwards Inc. raised its stake in shares of Bank of New York Mellon by 583.0% in the third quarter. Benjamin Edwards Inc. now owns 10,306 shares of the bank’s stock worth $741,000 after purchasing an additional 8,797 shares during the last quarter. Hilltop Holdings Inc. lifted its holdings in shares of Bank of New York Mellon by 57.8% during the third quarter. Hilltop Holdings Inc. now owns 8,958 shares of the bank’s stock worth $644,000 after purchasing an additional 3,282 shares during the period. HighTower Advisors LLC boosted its position in Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after buying an additional 184,560 shares during the last quarter. Finally, IHT Wealth Management LLC increased its holdings in Bank of New York Mellon by 6.9% in the 3rd quarter. IHT Wealth Management LLC now owns 14,200 shares of the bank’s stock worth $1,020,000 after buying an additional 917 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $73.17 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company’s fifty day moving average price is $84.98 and its 200 day moving average price is $79.95. The stock has a market capitalization of $52.53 billion, a P/E ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.28 earnings per share. As a group, equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.57%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Analyst Ratings Changes

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays upped their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. UBS Group lifted their price objective 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. Truist Financial lowered their target price on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Royal Bank of Canada reiterated 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. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.86.

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.