Sax Wealth Advisors LLC Acquires New Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Sax Wealth Advisors LLC bought a new stake in The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, Holdings Channel.com reports. The fund bought 5,161 shares of the bank’s stock, valued at approximately $397,000.

Other hedge funds also recently bought and sold shares of the company. Blair William & Co. IL raised its holdings in Bank of New York Mellon by 10.7% during the 2nd quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock worth $1,419,000 after buying an additional 2,298 shares during the period. Intech Investment Management LLC raised its holdings in shares of Bank of New York Mellon by 72.8% during the second quarter. Intech Investment Management LLC now owns 160,210 shares of the bank’s stock worth $9,595,000 after acquiring an additional 67,473 shares during the period. GM Advisory Group LLC acquired a new position in Bank of New York Mellon in the 2nd quarter worth $232,000. AE Wealth Management LLC raised its stake in shares of Bank of New York Mellon by 10.1% in the 2nd quarter. AE Wealth Management LLC now owns 16,792 shares of the bank’s stock valued at $1,006,000 after purchasing an additional 1,535 shares during the period. Finally, Sompo Asset Management Co. Ltd. raised its stake in shares of Bank of New York Mellon by 3.6% in the 2nd quarter. Sompo Asset Management Co. Ltd. now owns 14,510 shares of the bank’s stock valued at $869,000 after purchasing an additional 500 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Up 1.3 %

Shares of Bank of New York Mellon stock opened at $83.31 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The business has a fifty day simple moving average of $78.87 and a two-hundred day simple moving average of $72.24. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $83.67. The company has a market capitalization of $60.57 billion, a price-to-earnings ratio of 18.11, a P/E/G ratio of 0.76 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Bank of New York Mellon’s revenue 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. Research analysts forecast that The Bank of New York Mellon Co. will post 5.87 EPS for the current year.

Bank of New York Mellon Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Morgan Stanley upped their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted 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 research report on Thursday. Truist Financial raised their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. upped their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target 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.