NuWave Investment Management LLC Acquires Shares of 4,430 The Bank of New York Mellon Co. (NYSE:BK)

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NuWave Investment Management LLC acquired a new stake in The Bank of New York Mellon Co. (NYSE:BKGet Rating) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,430 shares of the bank’s stock, valued at approximately $220,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Equitec Proprietary Markets LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth $27,000. Fieldpoint Private Securities LLC grew its holdings in shares of Bank of New York Mellon by 125.6% during the 4th quarter. Fieldpoint Private Securities LLC now owns 485 shares of the bank’s stock worth $28,000 after purchasing an additional 270 shares in the last quarter. Dividend Assets Capital LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth $32,000. Bromfield Sneider Wealth Advisors acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth $33,000. Finally, Ellis Investment Partners LLC grew its holdings in shares of Bank of New York Mellon by 100.7% during the 4th quarter. Ellis Investment Partners LLC now owns 606 shares of the bank’s stock worth $35,000 after purchasing an additional 304 shares in the last quarter. 83.69% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon stock opened at $42.23 on Thursday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $34.11 billion, a PE ratio of 10.45, a P/E/G ratio of 1.60 and a beta of 1.14. The Bank of New York Mellon Co. has a 12 month low of $40.26 and a 12 month high of $64.63. The stock has a 50-day moving average price of $44.10 and a two-hundred day moving average price of $51.99.

Bank of New York Mellon (NYSE:BKGet Rating) last announced its earnings results on Monday, April 18th. The bank reported $0.86 EPS for the quarter, meeting the consensus estimate of $0.86. Bank of New York Mellon had a return on equity of 9.33% and a net margin of 22.31%. The business had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The firm’s revenue was up .1% on a year-over-year basis. As a group, analysts predict that The Bank of New York Mellon Co. will post 4.41 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 11th. Stockholders of record on Thursday, April 28th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Wednesday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 33.66%.

Several analysts recently weighed in on BK shares. JPMorgan Chase & Co. downgraded Bank of New York Mellon from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $59.00 to $51.50 in a research report on Wednesday, April 27th. Barclays dropped their price objective on Bank of New York Mellon from $74.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, April 19th. StockNews.com started coverage on Bank of New York Mellon in a research report on Thursday, March 31st. They set a “hold” rating for the company. Royal Bank of Canada dropped their price objective on Bank of New York Mellon from $60.00 to $56.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 19th. Finally, Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a $55.00 price objective for the company. in a research report on Thursday, March 31st. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus target price of $56.38.

About Bank of New York Mellon (Get Rating)

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, prime brokerage, and data analytics.

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