Raymond James Financial Inc. Purchases Shares of 1,183,846 The Bank of New York Mellon Co. (NYSE:BK)

Raymond James Financial Inc. purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,183,846 shares of the bank’s stock, valued at approximately $90,955,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BK. Centricity Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $39,000. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon in the third quarter valued at $46,000. Modus Advisors LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $49,000. Friedenthal Financial acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $56,000. Finally, Asset Dedication LLC raised its stake in Bank of New York Mellon by 342.1% in the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after buying an additional 585 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of BK opened at $85.98 on Monday. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $90.34. The stock’s 50 day moving average is $83.85 and its two-hundred day moving average is $78.03. The firm has a market capitalization of $61.73 billion, a PE ratio of 14.80, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data 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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the company earned $1.28 EPS. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. Research analysts anticipate 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 business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.19%. Bank of New York Mellon’s payout ratio is 32.36%.

Wall Street Analysts Forecast Growth

BK has been the topic of several research reports. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Morgan Stanley raised their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Bank of America raised their price target on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $88.71.

Bank of New York Mellon Company 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.