Assenagon Asset Management S.A. Sells 4,216 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Assenagon Asset Management S.A. reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 7.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 55,690 shares of the bank’s stock after selling 4,216 shares during the period. Assenagon Asset Management S.A.’s holdings in Bank of New York Mellon were worth $4,279,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. McClarren Financial Advisors Inc. lifted its holdings in shares of Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after acquiring an additional 346 shares during the last quarter. Fortitude Family Office LLC raised its position in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares during the period. Grove Bank & Trust raised its position in Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the period. Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon in the 3rd quarter worth $46,000. Finally, Modus Advisors LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth $49,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Trading Up 1.3 %

Shares of BK opened at $83.31 on Tuesday. The firm’s 50-day moving average price is $78.87 and its 200-day moving average price is $72.41. The firm has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 0.76 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $83.67.

Bank of New York Mellon (NYSE:BK) last announced 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. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 5.87 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.26%. The ex-dividend date is Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 40.87%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on BK. Bank of America lifted their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. UBS Group lifted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Evercore ISI lifted their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.14.

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.