By Defense World
Scarborough Advisors LLC acquired a new stake in The Bank of New York Mellon Co. in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,091 shares of the bank’s stock, valued at approximately US$369,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Quent Capital LLC increased its stake in shares of Bank of New York Mellon by 3.8 per cent during the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth US$262,000 after purchasing an additional 182 shares during the last quarter. Hartford Financial Management Inc. boosted its holdings in Bank of New York Mellon by 41.4 per cent in the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at US$33,000 after purchasing an additional 183 shares during the period. Vivaldi Capital Management LP boosted its holdings in Bank of New York Mellon by 3.3 per cent in the 4th quarter. Vivaldi Capital Management LP now owns 6,015 shares of the bank’s stock valued at US$324,000 after purchasing an additional 192 shares during the period. Certuity LLC lifted its holdings in shares of Bank of New York Mellon by 2.3 per cent during the 4th quarter. Certuity LLC now owns 8,972 shares of the bank’s stock worth US$467,000 after acquiring an additional 205 shares during the last quarter. Finally, Choreo LLC lifted its holdings in shares of Bank of New York Mellon by 1.8 per cent during the 4th quarter. Choreo LLC now owns 11,903 shares of the bank’s stock worth US$620,000 after acquiring an additional 208 shares during the last quarter. 85.31 per cent of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a US$58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. Evercore ISI boosted their price target on shares of Bank of New York Mellon from $57.00 to US$61.00 and gave the company an “in-line” rating in a research report on Thursday, April 4th. Jefferies Financial Group upped their price objective on shares of Bank of New York Mellon from US$67.00 to US$68.00 and gave the stock a “buy” rating in a report on Thursday, April 18th. Bank of America upped their price objective on shares of Bank of New York Mellon from US$64.00 to US$66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from US$62.00 to US$63.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of US$60.17.
In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 6,215 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of US$57.93, for a total transaction of US$360,034.95. Following the transaction, the insider now owns 24,346 shares of the company’s stock, valued at approximately US$1,410,363.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Catherine Keating sold 54,070 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of US$54.88, for a total value of US$2,967,361.60. Following the transaction, the vice president now owns 78,350 shares of the company’s stock, valued at approximately US$4,299,848. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Kurtis R. Kurimsky sold 6,215 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of US$57.93, for a total transaction of US$360,034.95. Following the sale, the insider now directly owns 24,346 shares in the company, valued at approximately US$1,410,363.78. The disclosure for this sale can be found here. Insiders sold 115,928 shares of company stock worth US$6,475,216 in the last 90 days. 0.14 per cent of the stock is owned by corporate insiders.
Bank of New York Mellon Stock Performance
BK opened at US$58.02 on Friday. The stock has a market capitalization of US$43.39 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 1.20 and a beta of 1.08. The company has a fifty day moving average of US$57.77 and a 200 day moving average of US$55.31. The Bank of New York Mellon Co. has a fifty-two week low of US$39.66 and a fifty-two week high of US$60.87. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.71 and a current ratio of 0.71.
Bank of New York Mellon last released its quarterly earnings data on Tuesday, April 16th. The bank reported US$1.29 EPS for the quarter, beating the consensus estimate of US$1.19 by US$0.10. The business had revenue of US$4.53 billion during the quarter, compared to analyst estimates of US$4.39 billion. Bank of New York Mellon had a net margin of 9.48 per cent and a return on equity of 11.80 per cent. Bank of New York Mellon’s quarterly revenue was up 3.8 per cent compared to the same quarter last year. During the same quarter last year, the business earned US$1.13 earnings per share. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.45 earnings per share for the current fiscal year.
Bank of New York Mellon Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 9th. Investors of record on Friday, April 26th were issued a dividend of US$0.42 per share. The ex-dividend date of this dividend was Thursday, April 25th. This represents a US$1.68 dividend on an annualized basis and a yield of 2.90 per cent. Bank of New York Mellon’s payout ratio is 40.98 per cent.
