Handelsbanken Fonder AB Boosts Position in The Bank of New York Mellon Co. (NYSE:BK)

Handelsbanken Fonder AB grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 21.3% during the 4th quarter, Holdings Channel reports. The fund owned 338,747 shares of the bank’s stock after purchasing an additional 59,418 shares during the period. Handelsbanken Fonder AB’s holdings in Bank of New York Mellon were worth $26,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. United Advisor Group LLC purchased a new stake in Bank of New York Mellon in the third quarter valued at $595,000. Czech National Bank boosted its stake in shares of Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after buying an additional 7,316 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after acquiring an additional 14,916 shares during the period. Chase Investment Counsel Corp raised its position in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after acquiring an additional 33,558 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings 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 acquiring an additional 184,560 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE:BK opened at $87.20 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick 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 $89.44. The firm has a market capitalization of $63.40 billion, a PE ratio of 15.01, a P/E/G ratio of 1.01 and a beta of 1.08. The business’s 50 day moving average price is $81.87 and its 200-day moving average price is $76.08.

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, topping the consensus estimate 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 net margin of 11.35% and a return on equity of 12.68%. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 EPS. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 6.93 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors 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 annualized dividend and a yield of 2.16%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analyst Ratings Changes

A number of brokerages have recently commented on BK. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Bank of America raised 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. Truist Financial upped their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. UBS Group raised their target price on 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. Finally, Morgan Stanley upped their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.00.

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.