Spire Wealth Management Acquires 5,270 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Spire Wealth Management grew its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 163.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,494 shares of the bank’s stock after acquiring an additional 5,270 shares during the quarter. Spire Wealth Management’s holdings in Bank of New York Mellon were worth $653,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. FMR LLC boosted its stake in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Wellington Management Group LLP grew its holdings in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Zacks Investment Management acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at approximately $62,589,000. State Street Corp lifted its stake in Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after acquiring an additional 659,096 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Bank of New York Mellon by 248.3% during the 3rd quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock worth $61,715,000 after acquiring an additional 612,287 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent research reports. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Morgan Stanley raised their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, January 28th. Finally, Barclays raised their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Trading Up 1.1 %

BK stock opened at $85.79 on Thursday. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $87.70. The stock has a market cap of $62.38 billion, a price-to-earnings ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company has a fifty day moving average price of $80.44 and a two-hundred day moving average price of $74.35. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during 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%. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Equities analysts anticipate that The Bank of New York Mellon Co. will post 6.86 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Monday, January 27th. 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.