Donoghue Forlines LLC Takes Position in The Bank of New York Mellon Corporation $BK

Donoghue Forlines LLC acquired a new position in The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,880 shares of the bank’s stock, valued at approximately $2,275,000. Bank of New York Mellon makes up approximately 0.7% of Donoghue Forlines LLC’s investment portfolio, making the stock its 24th largest position.

Several other hedge funds have also recently bought and sold shares of the business. Westside Investment Management Inc. boosted its stake in shares of Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after acquiring an additional 127 shares in the last quarter. Hoey Investments Inc. bought a new position in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. GFG Capital LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $36,000. Caldwell Trust Co bought a new stake in Bank of New York Mellon during the second quarter worth approximately $36,000. Finally, Princeton Global Asset Management LLC grew its holdings in Bank of New York Mellon by 89.0% during the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock valued at $41,000 after purchasing an additional 210 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $121.34 on Friday. The firm’s 50-day moving average is $115.07 and its 200-day moving average is $107.63. The company has a market cap of $84.62 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 1.13 and a beta of 1.11. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $125.89.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The business had revenue of $5.07 billion for the quarter. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.53 per share. The ex-dividend date is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.7%. Bank of New York Mellon’s payout ratio is currently 28.61%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of analyst reports. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. New Street Research set a $143.00 target price on shares of Bank of New York Mellon in a research report on Wednesday. Evercore ISI raised their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Finally, The Goldman Sachs Group boosted their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Nine investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $129.00.

Bank of New York Mellon Profile

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.