Parcion Private Wealth LLC Invests $204,000 in The Bank of New York Mellon Co. (NYSE:BK)

Parcion Private Wealth LLC bought a new position in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 2,652 shares of the bank’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BK. Blue Trust Inc. lifted its stake in Bank of New York Mellon by 95.4% in the third quarter. Blue Trust Inc. now owns 1,673 shares of the bank’s stock valued at $120,000 after purchasing an additional 817 shares during the last quarter. Foundations Investment Advisors LLC raised its holdings in Bank of New York Mellon by 10.8% during the 3rd quarter. Foundations Investment Advisors LLC now owns 9,302 shares of the bank’s stock valued at $668,000 after acquiring an additional 909 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Bank of New York Mellon by 186.0% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 50,613 shares of the bank’s stock valued at $3,637,000 after acquiring an additional 32,914 shares during the period. Signaturefd LLC raised its holdings in Bank of New York Mellon by 1.1% during the 3rd quarter. Signaturefd LLC now owns 14,386 shares of the bank’s stock valued at $1,034,000 after acquiring an additional 157 shares during the period. Finally, Eastern Bank bought a new stake in Bank of New York Mellon during the 3rd quarter valued at $67,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on BK shares. Truist Financial boosted their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, UBS Group increased their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $87.20 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average of $81.87 and a 200-day moving average of $76.08. The firm has a market cap of $63.40 billion, a P/E ratio of 15.01, a P/E/G ratio of 1.01 and a beta of 1.08. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $89.44.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. Sell-side analysts expect that The Bank of New York Mellon Co. will post 6.93 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is 32.36%.

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.