Exchange Traded Concepts LLC Has $29.84 Million Stock Holdings in The Bank of New York Mellon Corporation $BK

Exchange Traded Concepts LLC grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 15.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 273,845 shares of the bank’s stock after acquiring an additional 35,670 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Bank of New York Mellon were worth $29,838,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. boosted its holdings in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares during the last quarter. Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter worth about $32,000. Orion Capital Management LLC bought a new stake in Bank of New York Mellon during the 1st quarter worth about $32,000. GFG Capital LLC acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $36,000. Finally, Caldwell Trust Co bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at about $36,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on BK shares. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Evercore ISI increased their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a report on Tuesday, September 30th. The Goldman Sachs Group raised their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Bank of New York Mellon in a report on Monday, December 15th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $111.86.

Bank of New York Mellon Stock Up 1.2%

BK stock opened at $115.79 on Monday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $119.40. The business’s 50 day simple moving average is $110.43 and its 200 day simple moving average is $103.66. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $80.74 billion, a PE ratio of 16.71, a PEG ratio of 1.05 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The firm had revenue of $5.07 billion during 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, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.