FCG Investment Co Acquires 4,703 Shares of The Bank of New York Mellon Corporation $BK

FCG Investment Co raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 41.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,059 shares of the bank’s stock after buying an additional 4,703 shares during the period. FCG Investment Co’s holdings in Bank of New York Mellon were worth $1,750,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of BK. Tiemann Investment Advisors LLC raised its holdings in Bank of New York Mellon by 2.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank’s stock worth $318,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Bank of New York Mellon by 13.7% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock worth $75,000 after buying an additional 100 shares in the last quarter. Hemington Wealth Management raised its stake in shares of Bank of New York Mellon by 6.3% in the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock worth $157,000 after buying an additional 102 shares during the period. Summit Financial Wealth Advisors LLC lifted its position in shares of Bank of New York Mellon by 1.8% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 5,702 shares of the bank’s stock valued at $609,000 after buying an additional 103 shares in the last quarter. Finally, Certuity LLC grew its stake in shares of Bank of New York Mellon by 1.0% during the 2nd quarter. Certuity LLC now owns 11,081 shares of the bank’s stock valued at $1,010,000 after acquiring an additional 105 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the topic of a number of recent analyst reports. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price on the stock. Barclays increased their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research note on Friday, October 17th. TD Cowen upped their target price on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Finally, Truist Financial raised their price target on Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a report on Friday, October 17th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $111.86.

Bank of New York Mellon Stock Performance

BK opened at $114.49 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.70. The stock has a market capitalization of $79.84 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 1.03 and a beta of 1.12. The company has a fifty day moving average of $110.21 and a 200 day moving average of $103.27. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $119.40.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The business had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. As a group, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

About Bank of New York Mellon

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.