Bank of New York Mellon Corp (BK) Stake Boosted by Trust Co. of Oklahoma
Trust Co. of Oklahoma increased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,965 shares of the bank’s stock after purchasing an additional 1,234 shares during the period. Trust Co. of Oklahoma’s holdings in Bank of New York Mellon were worth $1,128,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Lavaca Capital LLC acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $27,000. Ipswich Investment Management Co. Inc. acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $40,000. CX Institutional acquired a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $104,000. Girard Partners LTD. acquired a new stake in Bank of New York Mellon in the 3rd quarter valued at approximately $120,000. Finally, CKW Financial Group raised its position in Bank of New York Mellon by 12.5% in the 4th quarter. CKW Financial Group now owns 2,700 shares of the bank’s stock valued at $127,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 84.06% of the company’s stock.
Shares of NYSE:BK traded up $0.47 during trading on Wednesday, hitting $53.06. 6,213,782 shares of the company were exchanged, compared to its average volume of 4,743,005. The firm has a market capitalization of $52.07 billion, a price-to-earnings ratio of 12.60, a price-to-earnings-growth ratio of 1.49 and a beta of 1.02. Bank of New York Mellon Corp has a fifty-two week low of $43.67 and a fifty-two week high of $58.67. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.87.
The firm also recently announced a quarterly dividend, which will be paid on Friday, February 8th. Investors of record on Monday, January 28th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, January 25th. Bank of New York Mellon’s payout ratio is presently 26.60%.
Bank of New York Mellon declared that its board has authorized a share repurchase program on Monday, December 10th that allows the company to buyback $830.00 million in outstanding shares. This buyback authorization allows the bank to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
BK has been the topic of a number of recent research reports. Citigroup dropped their target price on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, October 19th. Vining Sparks reissued a “buy” rating and issued a $62.00 target price on shares of Bank of New York Mellon in a research report on Tuesday, October 9th. Deutsche Bank boosted their price target on Bank of New York Mellon from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, September 27th. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Tuesday, November 20th. Finally, Zacks Investment Research lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $55.78.
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Bank of New York Mellon Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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