Chase Investment Counsel Corp Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

Chase Investment Counsel Corp lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 2.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 81,732 shares of the bank’s stock after selling 1,798 shares during the quarter. Bank of New York Mellon accounts for approximately 2.0% of Chase Investment Counsel Corp’s holdings, making the stock its 13th largest position. Chase Investment Counsel Corp’s holdings in Bank of New York Mellon were worth $6,279,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. grew its holdings in Bank of New York Mellon by 0.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank’s stock worth $2,653,000 after acquiring an additional 133 shares in the last quarter. Studio Investment Management LLC grew its holdings in Bank of New York Mellon by 2.1% during the 3rd quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after acquiring an additional 134 shares in the last quarter. Grove Bank & Trust grew its holdings in Bank of New York Mellon by 21.0% during the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after acquiring an additional 135 shares in the last quarter. Avidian Wealth Enterprises LLC grew its holdings in Bank of New York Mellon by 2.0% during the 3rd quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after acquiring an additional 137 shares in the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in Bank of New York Mellon by 1.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 9,041 shares of the bank’s stock worth $695,000 after acquiring an additional 139 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on BK shares. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Bank of America increased their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. UBS Group increased their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Evercore ISI increased their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Finally, Citigroup increased their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

BK opened at $88.86 on Friday. 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 current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $64.60 billion, a PE ratio of 15.29, a P/E/G ratio of 0.97 and a beta of 1.08. The firm has a 50 day moving average of $83.02 and a two-hundred day moving average of $77.11.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $4.66 billion. During the same period last year, the firm posted $1.28 EPS. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.12%. Bank of New York Mellon’s payout ratio is 32.36%.

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.