TCTC Holdings LLC Acquires 430 Shares of The Bank of New York Mellon Co. (NYSE:BK)

TCTC Holdings LLC lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 257.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 597 shares of the bank’s stock after acquiring an additional 430 shares during the quarter. TCTC Holdings LLC’s holdings in Bank of New York Mellon were worth $46,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Assetmark Inc. grew its stake in Bank of New York Mellon by 64.7% in the third quarter. Assetmark Inc. now owns 1,869 shares of the bank’s stock worth $134,000 after purchasing an additional 734 shares during the period. OneDigital Investment Advisors LLC grew its stake in Bank of New York Mellon by 1.0% in the third quarter. OneDigital Investment Advisors LLC now owns 24,941 shares of the bank’s stock worth $1,792,000 after purchasing an additional 259 shares during the period. Empowered Funds LLC grew its stake in Bank of New York Mellon by 9.2% in the third quarter. Empowered Funds LLC now owns 13,760 shares of the bank’s stock worth $989,000 after purchasing an additional 1,162 shares during the period. Claro Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth $299,000. Finally, Drive Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter worth $244,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.9 %

BK stock opened at $82.47 on Tuesday. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. The business’s 50-day moving average is $84.39 and its two-hundred day moving average is $78.66. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company has a market cap of $59.21 billion, a price-to-earnings ratio of 14.19, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the prior year, the company earned $1.28 earnings per share. Bank of New York Mellon’s revenue was up 11.2% on a year-over-year basis. As a group, analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is 32.36%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent research reports. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. UBS Group increased their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company increased their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Finally, Citigroup upped their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $89.50.

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.