Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Stake in The Bank of New York Mellon Corporation $BK

Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 17.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 155,519 shares of the bank’s stock after acquiring an additional 22,890 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Bank of New York Mellon were worth $16,945,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Valeo Financial Advisors LLC grew its holdings in Bank of New York Mellon by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank’s stock valued at $821,000 after purchasing an additional 94 shares during the period. Ferguson Wellman Capital Management Inc. lifted its position in shares of Bank of New York Mellon by 0.4% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock valued at $2,697,000 after buying an additional 96 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. grew its stake in shares of Bank of New York Mellon by 1.9% during the 3rd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank’s stock valued at $566,000 after acquiring an additional 98 shares during the period. Tiemann Investment Advisors LLC increased 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 acquiring an additional 100 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its stake in Bank of New York Mellon by 13.7% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock worth $75,000 after acquiring an additional 100 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BK shares. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 14th. Citigroup raised their price target on Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. New Street Research set a $143.00 target price on Bank of New York Mellon in a research report on Wednesday, January 14th. Morgan Stanley boosted their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Finally, TD Cowen boosted their target price on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $118.16 on Friday. The company has a market capitalization of $82.40 billion, a P/E ratio of 15.95, a P/E/G ratio of 1.10 and a beta of 1.10. The company’s 50-day simple moving average is $119.33 and its two-hundred day simple moving average is $111.57. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (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 firm had revenue of $5.07 billion during the quarter. As a group, equities 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 company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is presently 28.61%.

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.