Scissortail Wealth Management LLC Makes New $560,000 Investment in The Bank of New York Mellon Co. (NYSE:BK)

Scissortail Wealth Management LLC bought a new position in shares of The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,025 shares of the bank’s stock, valued at approximately $560,000.

A number of other hedge funds also recently added to or reduced their stakes in BK. Quent Capital LLC raised its position in shares of Bank of New York Mellon by 3.8% in the 4th quarter. Quent Capital LLC now owns 5,033 shares of the bank’s stock worth $262,000 after buying an additional 182 shares during the period. Hartford Financial Management Inc. raised its position in Bank of New York Mellon by 41.4% in the fourth quarter. Hartford Financial Management Inc. now owns 625 shares of the bank’s stock valued at $33,000 after purchasing an additional 183 shares during the period. Commonwealth Retirement Investments LLC raised its position in Bank of New York Mellon by 0.8% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 27,757 shares of the bank’s stock valued at $1,445,000 after purchasing an additional 221 shares during the period. Laurel Wealth Advisors Inc. raised its position in Bank of New York Mellon by 1.7% in the first quarter. Laurel Wealth Advisors Inc. now owns 14,451 shares of the bank’s stock valued at $717,000 after purchasing an additional 245 shares during the period. Finally, Arjuna Capital raised its position in Bank of New York Mellon by 0.5% in the third quarter. Arjuna Capital now owns 48,446 shares of the bank’s stock valued at $2,066,000 after purchasing an additional 251 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total transaction of $246,535.38. Following the transaction, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE:BK traded down $1.09 during midday trading on Wednesday, hitting $54.00. 8,232,834 shares of the stock were exchanged, compared to its average volume of 3,131,460. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The company has a market capitalization of $40.65 billion, a price-to-earnings ratio of 13.60, a P/E/G ratio of 1.18 and a beta of 1.12. The business has a 50-day moving average price of $55.75 and a two-hundred day moving average price of $51.08. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.10. The company had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.13 earnings per share. Sell-side analysts predict that The Bank of New York Mellon Co. will post 5.33 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be issued a $0.42 dividend. The ex-dividend date is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 3.11%. Bank of New York Mellon’s dividend payout ratio is currently 42.32%.

Analyst Upgrades and Downgrades

Several research analysts have commented on BK shares. Citigroup raised their price objective on Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Evercore ISI lifted their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $58.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. UBS Group lifted their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, January 9th. Finally, Morgan Stanley raised Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $52.00 to $62.00 in a research report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Hold” and an average target price of $56.72.

Bank of New York Mellon Company Profile

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.