LGT Fund Management Co Ltd. Has $2.66 Million Holdings in The Bank of New York Mellon Co. (NYSE:BK)

LGT Fund Management Co Ltd. grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.6% in the 4th quarter, HoldingsChannel reports. The fund owned 34,554 shares of the bank’s stock after purchasing an additional 891 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Bank of New York Mellon were worth $2,655,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of BK. United Advisor Group LLC bought a new position in shares of Bank of New York Mellon during the third quarter worth approximately $595,000. Czech National Bank raised its position in shares of Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after buying an additional 7,316 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Bank of New York Mellon by 1.7% in the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after buying an additional 14,916 shares in the last quarter. Chase Investment Counsel Corp raised its position in shares of Bank of New York Mellon by 67.2% in the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after buying an additional 33,558 shares in the last quarter. Finally, HighTower Advisors LLC raised its position in shares of Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after buying an additional 184,560 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Up 2.3 %

Shares of NYSE:BK opened at $88.86 on Monday. The company has a fifty day moving average of $83.02 and a 200-day moving average of $77.30. The company has a market capitalization of $64.60 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. 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 Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $89.44.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The company 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 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.28 earnings per share. On average, equities analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.12%. Bank of New York Mellon’s dividend payout ratio is 32.36%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BK shares. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Barclays lifted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. UBS Group lifted their price target on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Bank of America boosted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

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.