Donoghue Forlines LLC Takes $2.28 Million Position in The Bank of New York Mellon Corporation $BK

Donoghue Forlines LLC bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the 3rd quarter, according to its most recent filing with the SEC. The fund bought 20,880 shares of the bank’s stock, valued at approximately $2,275,000. Bank of New York Mellon makes up 0.7% of Donoghue Forlines LLC’s portfolio, making the stock its 24th largest position.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Westside Investment Management Inc. lifted its stake in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after purchasing an additional 127 shares during the period. Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $32,000. GFG Capital LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $36,000. Caldwell Trust Co acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at $36,000. Finally, Princeton Global Asset Management LLC grew its position in Bank of New York Mellon by 89.0% in the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock valued at $41,000 after acquiring an additional 210 shares during the period. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BK shares. Citigroup boosted their target price on shares of Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. Finally, The Goldman Sachs Group increased their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Nine equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.00.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $121.34 on Friday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $125.89. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The firm’s 50 day moving average is $115.07 and its 200-day moving average is $107.63. The firm has a market capitalization of $84.62 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 1.13 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. Sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is 28.61%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.