Sovran Advisors LLC Buys New Shares in The Bank of New York Mellon Co. (NYSE:BK)

Sovran Advisors LLC purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 7,782 shares of the bank’s stock, valued at approximately $591,000.

Several other institutional investors and hedge funds also recently made changes to their positions in BK. McClarren Financial Advisors Inc. lifted its position in 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 purchasing an additional 346 shares during the period. Fortitude Family Office LLC raised its stake in shares of Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares in the last quarter. Grove Bank & Trust raised its stake in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after buying an additional 144 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Bank of New York Mellon during the 3rd quarter worth about $46,000. Finally, Modus Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $49,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the subject of several recent research reports. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Evercore ISI upped their price target on 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, Truist Financial increased their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $85.56 on Wednesday. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $87.70. The stock has a market capitalization of $62.21 billion, a PE ratio of 14.73, a PEG ratio of 0.98 and a beta of 1.08. 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 stock’s fifty day moving average is $80.77 and its 200-day moving average is $74.97.

Bank of New York Mellon (NYSE:BK) last issued its quarterly 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 business had revenue of $4.85 billion for the quarter, compared to the consensus estimate 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 prior year, the company earned $1.28 EPS. Equities research analysts expect that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared 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 of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.20%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

Bank of New York Mellon 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.