Summit Financial LLC Has $875,000 Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Summit Financial LLC grew its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% in the 4th quarter, Holdings Channel.com reports. The fund owned 11,393 shares of the bank’s stock after purchasing an additional 607 shares during the period. Summit Financial LLC’s holdings in Bank of New York Mellon were worth $875,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Graney & King LLC acquired a new stake in Bank of New York Mellon during the 4th quarter valued at approximately $35,000. Centricity Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC increased its position in shares of Bank of New York Mellon by 257.5% during the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after buying an additional 430 shares during the period. Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon in the fourth quarter valued at $56,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $84.33 on Thursday. The company has a market capitalization of $60.55 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company’s 50-day moving average is $85.33 and its 200 day moving average is $79.94. 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 fifty-two week low of $52.64 and a fifty-two week high of $90.34.

Bank of New York Mellon (NYSE:BK) last released 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 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 was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 EPS. On average, equities research analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders 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 2.23%. Bank of New York Mellon’s payout ratio is presently 32.36%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BK shares. UBS Group lifted their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Citigroup boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Bank of America raised their price objective 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. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Finally, Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Six investment 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, the company presently has an average rating of “Moderate Buy” and an average price target of $90.07.

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.