Empirical Asset Management LLC Takes Position in The Bank of New York Mellon Corporation $BK

Empirical Asset Management LLC bought a new position in The Bank of New York Mellon Corporation (NYSE:BK) during the third quarter, according to the company in its most recent filing with the SEC. The firm bought 21,116 shares of the bank’s stock, valued at approximately $2,301,000.

Other hedge funds have also added to or reduced their stakes in the company. Westside Investment Management Inc. increased its holdings in shares of Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after buying an additional 127 shares during the period. Valley Wealth Managers Inc. bought a new position in Bank of New York Mellon during the 3rd quarter worth approximately $33,000. Caldwell Trust Co bought a new position in Bank of New York Mellon during the 2nd quarter worth approximately $36,000. Quaker Wealth Management LLC increased its stake in Bank of New York Mellon by 198.9% in the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock worth $41,000 after purchasing an additional 905 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $52,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $116.64 on Wednesday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $128.76. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $81.34 billion, a P/E ratio of 15.74, a PEG ratio of 1.08 and a beta of 1.10. The stock’s 50 day moving average is $119.34 and its 200 day moving average is $111.90.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 EPS 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. On average, equities research analysts predict 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Barclays raised their price target on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their target price for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Company 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.