Cullen Investment Group LTD. Grows Stock Holdings in The Bank of New York Mellon Corporation $BK

Cullen Investment Group LTD. raised its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1,691.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 38,730 shares of the bank’s stock after acquiring an additional 36,568 shares during the period. Cullen Investment Group LTD.’s holdings in Bank of New York Mellon were worth $4,610,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Valley Wealth Managers Inc. acquired a new position in shares of Bank of New York Mellon in the third quarter valued at approximately $33,000. Caldwell Trust Co purchased a new position in Bank of New York Mellon in the 2nd quarter valued at $36,000. Westside Investment Management Inc. grew its position in Bank of New York Mellon by 44.1% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock valued at $45,000 after buying an additional 127 shares during the last quarter. Dunhill Financial LLC increased its stake in Bank of New York Mellon by 130.8% in the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after buying an additional 242 shares during the period. Finally, Community Bank N.A. increased its stake in Bank of New York Mellon by 250.4% in the 3rd quarter. Community Bank N.A. now owns 438 shares of the bank’s stock valued at $48,000 after buying an additional 313 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Down 0.1%

Shares of NYSE BK opened at $117.81 on Thursday. The stock has a market capitalization of $81.08 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 1.10 and a beta of 1.10. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $128.76. The firm has a 50-day moving average price of $118.81 and a 200 day moving average price of $113.83. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, January 13th. The bank reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.97 by $0.11. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.11 billion. During the same period last year, the company posted $1.72 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.61%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, March 11th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. TD Cowen raised their price objective on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Finally, Citigroup started coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Company 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.