LPL Financial LLC Purchases 74,948 Shares of The Bank of New York Mellon Co. (NYSE:BK)

LPL Financial LLC boosted its position in The Bank of New York Mellon Co. (NYSE:BK) by 20.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 448,672 shares of the bank’s stock after acquiring an additional 74,948 shares during the period. LPL Financial LLC owned 0.06% of Bank of New York Mellon worth $34,471,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Cerity Partners LLC increased its stake in shares of Bank of New York Mellon by 58.3% during the third quarter. Cerity Partners LLC now owns 52,982 shares of the bank’s stock valued at $3,807,000 after buying an additional 19,518 shares during the period. Larson Financial Group LLC increased its position in Bank of New York Mellon by 7.8% during the 3rd quarter. Larson Financial Group LLC now owns 2,086 shares of the bank’s stock valued at $150,000 after purchasing an additional 151 shares during the period. D.A. Davidson & CO. raised its holdings in Bank of New York Mellon by 3.3% in the 3rd quarter. D.A. Davidson & CO. now owns 7,299 shares of the bank’s stock worth $525,000 after purchasing an additional 231 shares in the last quarter. Townsquare Capital LLC lifted its position in shares of Bank of New York Mellon by 24.6% in the 3rd quarter. Townsquare Capital LLC now owns 22,001 shares of the bank’s stock worth $1,581,000 after purchasing an additional 4,342 shares during the period. Finally, CreativeOne Wealth LLC boosted its stake in shares of Bank of New York Mellon by 3.8% during the 3rd quarter. CreativeOne Wealth LLC now owns 8,971 shares of the bank’s stock valued at $645,000 after purchasing an additional 332 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. 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 report on Thursday, January 16th. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Citigroup upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. UBS Group raised their price objective 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, StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Trading Down 2.1 %

NYSE:BK opened at $82.67 on Friday. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The stock has a market cap of $59.35 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 0.97 and a beta of 1.06. The company’s 50 day moving average price is $85.34 and its 200-day moving average price is $79.53. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its 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 business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.28 EPS. On average, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) 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.