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 The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 8,229 shares of the bank’s stock, valued at approximately $428,000.

Several other hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC increased its position in Bank of New York Mellon by 1.5% during the first quarter. Geode Capital Management LLC now owns 15,302,537 shares of the bank’s stock worth $693,747,000 after acquiring an additional 227,602 shares during the period. Norges Bank acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $503,489,000. Northern Trust Corp lifted its position in Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares during the period. Victory Capital Management Inc. grew its stake in Bank of New York Mellon by 1.5% during the third quarter. Victory Capital Management Inc. now owns 8,757,443 shares of the bank’s stock worth $373,505,000 after buying an additional 129,929 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Bank of New York Mellon by 13.2% in the 4th quarter. Morgan Stanley now owns 7,863,929 shares of the bank’s stock valued at $357,966,000 after buying an additional 916,664 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 2.0 %

Shares of Bank of New York Mellon stock traded down $1.09 on Wednesday, hitting $54.00. 8,232,834 shares of the company’s stock traded hands, compared to its average volume of 3,131,460. The company has a market capitalization of $40.65 billion, a price-to-earnings ratio of 13.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The company has a fifty day moving average of $55.75 and a two-hundred day moving average of $51.08. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.72 and a quick ratio of 0.72. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28.

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

Bank of New York Mellon Dividend Announcement

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

Insider Transactions at Bank of New York Mellon

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

Analyst Upgrades and Downgrades

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

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.