Heritage Trust Co Makes New Investment in The Bank of New York Mellon Co. (NYSE:BK)

Heritage Trust Co purchased a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, HoldingsChannel reports. The fund purchased 3,406 shares of the bank’s stock, valued at approximately $262,000.

Other institutional investors have also modified their holdings of the company. FMR LLC lifted its position in Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the last quarter. Norges Bank purchased a new position in Bank of New York Mellon in the fourth quarter worth $1,150,462,000. Arrowstreet Capital Limited Partnership increased its position in shares of Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after purchasing an additional 1,125,493 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Bank of New York Mellon by 2.4% during the 4th quarter. Invesco Ltd. now owns 7,596,210 shares of the bank’s stock valued at $583,617,000 after purchasing an additional 175,704 shares during the last quarter. Finally, Amundi boosted its position in shares of Bank of New York Mellon by 5.1% in the 4th quarter. Amundi now owns 7,363,015 shares of the bank’s stock worth $573,947,000 after purchasing an additional 359,942 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Citigroup upped their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Morgan Stanley lowered their target price on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday, April 2nd. Truist Financial cut their price target on shares of Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Finally, Bank of America lifted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $89.86.

Bank of New York Mellon Price Performance

Shares of BK opened at $77.75 on Friday. The business’s 50-day moving average is $83.63 and its two-hundred day moving average is $80.18. The company has a market capitalization of $55.82 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.97 and a beta of 1.03. 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 company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the company earned $1.29 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 5.9% compared to the same quarter last year. Research analysts predict 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. Investors of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.62%.

Bank of New York Mellon 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.