Tyche Wealth Partners LLC Takes Position in The Bank of New York Mellon Co. (NYSE:BK)

Tyche Wealth Partners LLC purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 8,229 shares of the bank’s stock, valued at approximately $428,000.

Other hedge funds have also recently bought and sold shares of the company. Quilter Plc acquired a new position in Bank of New York Mellon in the first quarter worth about $446,850,000. Brown Brothers Harriman & Co. boosted its stake in Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock valued at $30,000 after purchasing an additional 300 shares in the last quarter. Hartford Financial Management Inc. increased its position in shares of Bank of New York Mellon by 41.4% during the 4th quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the period. Sunbelt Securities Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth $36,000. Finally, Blue Trust Inc. lifted its holdings in shares of Bank of New York Mellon by 159.2% in the fourth quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock valued at $45,000 after buying an additional 527 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the completion of the transaction, the vice president now owns 123,490 shares in the company, valued at approximately $6,768,486.90. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.14% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on BK. Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $52.00 to $62.00 in a research note on Tuesday, January 30th. UBS Group boosted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $57.00 to $61.00 and gave the company an “in-line” rating in a research note on Thursday, April 4th. Citigroup boosted their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price target on shares of Bank of New York Mellon in a report on Wednesday, March 27th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $56.72.

Bank of New York Mellon Price Performance

NYSE BK traded down $1.09 during trading on Wednesday, reaching $54.00. 8,232,834 shares of the company traded hands, compared to its average volume of 3,131,460. The Bank of New York Mellon Co. has a 1-year low of $39.65 and a 1-year high of $58.28. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.72 and a current ratio of 0.72. The stock’s 50 day moving average price is $55.75 and its two-hundred day moving average price is $51.08. The company has a market cap of $40.65 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period in the prior year, the business posted $1.13 earnings per share. The business’s revenue was up 3.8% compared to the same quarter last year. As a group, analysts anticipate that The Bank of New York Mellon Co. will post 5.33 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be paid a dividend of $0.42 per share. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a yield of 3.11%. Bank of New York Mellon’s dividend payout ratio is 42.32%.

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.