Exchange Traded Concepts LLC Increases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Exchange Traded Concepts LLC has boosted its investment in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 3.7% during the fourth quarter, as revealed in its latest Form 13F filing with the SEC. Following this increase, the fund owns a total of 167,092 shares of the bank's stock after purchasing 5,977 additional shares in that time frame. At present, Exchange Traded Concepts LLC's holdings in the Bank of New York Mellon amount to $12,838,000 according to their most recent SEC submission.

Institutional Investors' Activity

A variety of other institutional investors have also been active in trading shares of the Bank of New York Mellon recently. For instance, during the third quarter, McClarren Financial Advisors Inc. significantly increased its holdings by 586.4%, now owning 405 shares valued at $29,000 after adding 346 shares. Similarly, Fortitude Family Office LLC raised its stake by 130.6% during the same period, bringing its total to 611 shares worth $44,000 following another purchase of 346 shares. In the fourth quarter, Modus Advisors LLC made a new investment in the Bank of New York Mellon valued at $49,000. Ashton Thomas Securities LLC also entered a new position during the third quarter estimated at $46,000. Finally, Grove Bank & Trust increased its position by 28.8% in the third quarter for a total of 644 shares worth $46,000 after acquiring another 144 shares. Currently, around 85.31% of Bank of New York Mellon's shares are held by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

On the trading day last Friday, shares of BK stock opened at $85.27. The company has a debt-to-equity ratio of 0.83, along with a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon boasts a market capitalization of $61.99 billion, with a price-to-earnings (PE) ratio of 14.65 and a price-to-earnings-growth (PEG) ratio of 0.96. It has a beta of 1.08. The business's fifty-day moving average stands at $79.23, while its two-hundred day moving average is at $72.82. The stock has witnessed a one-year low of $52.64 and a high of $85.81.

Recent Earnings Announcement

Bank of New York Mellon (NYSE:BK - Get Free Report) released its quarterly earnings data on January 15th. The bank reported earnings per share (EPS) of $1.72, exceeding the consensus estimate of $1.54 by $0.18. The net margin for the bank reached 11.35%, coupled with a return on equity of 12.68%. Revenue for the quarter totaled $4.85 billion, which surpassed analysts' anticipations of $4.66 billion. In the same quarter of the previous year, the bank reported an EPS of $1.28. The company's revenue has increased by 11.2% when compared to the same quarter last year. Analysts project that The Bank of New York Mellon Co. will report earnings of 6.86 per share for the current fiscal year.

Dividend Information

The Bank of New York Mellon recently announced its quarterly dividend, which will be distributed on February 7th. Shareholders who are on record as of January 27th will receive a dividend payment of $0.47. The ex-dividend date is also set for January 27th. This results in an annualized dividend of $1.88, reflecting a dividend yield of 2.20%. The bank's dividend payout ratio is set at 32.36%.

Analysts' Ratings and Future Forecast

Multiple brokerages have recently analyzed BK stock. For example, Keefe, Bruyette & Woods increased their target price for the Bank of New York Mellon from $87.00 to $96.00, rating the stock as "outperform" in a note published on December 3rd. Morgan Stanley also raised their price target from $90.00 to $97.00, assigning an "overweight" rating on January 16th. Additionally, UBS Group modified their target price from $88.00 to $94.00, recommending a "buy" rating in a report issued on the same date. Evercore ISI increased their expected target for the stock from $79.00 to $83.00 and described the stock as "in-line." Lastly, StockNews.com downgraded Bank of New York Mellon's shares from a "buy" rating to a "hold" rating on January 16th. Overall, six investment analysts endorse the stock with a hold rating while ten assign a buy rating. According to MarketBeat, the Bank of New York Mellon has an average rating classified as "Moderate Buy" and a suggested price target of $88.00.

Company Overview

The Bank of New York Mellon Corporation offers a variety of financial products and services in the United States and across the globe. The organization operates through different segments, including Securities Services, Market and Wealth Services, Investment and Wealth Management, among others. The Securities Services segment is responsible for providing custody, trust and depositary services, 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.

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