Empirical Asset Management LLC Purchases New Position in The Bank of New York Mellon Corporation $BK

Empirical Asset Management LLC acquired a new stake in The Bank of New York Mellon Corporation (NYSE:BK) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 21,116 shares of the bank’s stock, valued at approximately $2,301,000.

Several other institutional investors have also added to or reduced their stakes in the business. Westside Investment Management Inc. raised its stake in shares of Bank of New York Mellon by 78.9% in 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 last quarter. Valley Wealth Managers Inc. bought a new stake in Bank of New York Mellon in the 3rd quarter worth about $33,000. Caldwell Trust Co purchased a new position in Bank of New York Mellon in the 2nd quarter worth about $36,000. Quaker Wealth Management LLC lifted its stake in Bank of New York Mellon by 198.9% during the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock valued at $41,000 after acquiring an additional 905 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at about $52,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $116.64 on Wednesday. The company has a market capitalization of $81.34 billion, a P/E ratio of 15.74, a P/E/G ratio of 1.08 and a beta of 1.10. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $128.76. The firm’s 50 day simple moving average is $119.34 and its two-hundred day simple moving average is $111.90. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The firm had revenue of $5.07 billion for the quarter. Research analysts expect 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s payout ratio is presently 28.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BK. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Friday, February 13th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their target price for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. Citigroup assumed coverage on Bank of New York Mellon in a research note on Monday. They issued a “neutral” rating on the stock. Finally, Barclays lifted their price objective on Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.92.

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.