Chemistry Wealth Management LLC Purchases New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Chemistry Wealth Management LLC acquired a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, HoldingsChannel reports. The firm acquired 2,665 shares of the bank’s stock, valued at approximately $205,000.

Other hedge funds have also made changes to their positions in the company. McClarren Financial Advisors Inc. boosted its stake in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Fortitude Family Office LLC grew its holdings 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 in the last quarter. Grove Bank & Trust raised its position in shares of Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $46,000. Finally, Modus Advisors LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth about $49,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of 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. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Thursday. Barclays upped their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, Bank of America upped their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $83.31 on Friday. The company’s 50 day simple moving average is $78.74 and its 200-day simple moving average is $72.08. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $83.67. The company has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 5.87 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.26%. Bank of New York Mellon’s dividend payout ratio is presently 40.87%.

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.