HB Wealth Management LLC Expands Holdings in The Bank of New York Mellon Co.

HB Wealth Management LLC has bolstered its investment in The Bank of New York Mellon Co. (NYSE:BK) by 37.9% during the fourth quarter, according to recent reports. The firm now holds a total of 18,815 shares of the bank’s stock after acquiring an additional 5,172 shares during the quarter. Based on their latest filing with the Securities and Exchange Commission (SEC), these holdings are valued at approximately $1,446,000.

In addition to HB Wealth Management, several other institutional investors and hedge funds have recently adjusted their positions in the company. Notably, Blair William & Co., based in Illinois, increased its stake in Bank of New York Mellon by 10.7% during the second quarter, bringing their total to 23,691 shares, valued at $1,419,000 after purchasing 2,298 more shares. Meanwhile, AE Wealth Management LLC raised its holdings by 10.1%, ending up with 16,792 shares worth $1,006,000 after adding 1,535 shares.

Ensign Peak Advisors Inc. also enhanced its footprint in Bank of New York Mellon by 36.3%. They now possess 145,451 shares valued at $8,711,000 after acquiring 38,740 additional shares. ProShare Advisors LLC increased their holdings slightly by 2.2%, owning 174,067 shares valued at $10,425,000 after adding 3,717 shares. Lastly, Frank Rimerman Advisors LLC initiated a new position in Bank of New York Mellon valued at approximately $765,000. Overall, institutional investors and hedge funds collectively own 85.31% of the company's stock.

Analysts’ Projections for Bank of New York Mellon

Several research analysts have recently shared their perspectives on Bank of New York Mellon. On September 26, The Goldman Sachs Group raised its target price from $74.00 to $80.00 and rated the stock as a “buy.” UBS Group followed suit, increasing their price target from $73.00 to $82.00 and also giving the stock a “buy” rating on October 8. Furthermore, on January 16, Evercore ISI raised its price target from $79.00 to $83.00, issuing an “in-line” rating.

Morgan Stanley also increased their target price on Bank of New York Mellon, raising it from $90.00 to $97.00 and upgrading their rating to “overweight.” In contrast, Wolfe Research downgraded the stock from “outperform” to “peer perform” on January 3. Currently, the consensus rating among analysts is “Moderate Buy,” with an average price target set at $87.14.

Performance Metrics of Bank of New York Mellon

The stock of The Bank of New York Mellon opened at $83.31 on a recent Tuesday and exhibits a debt-to-equity ratio of 0.89. Additional metrics include a current ratio of 0.70 and a quick ratio of 0.70. The company’s stock price has fluctuated between a low of $52.64 and a high of $83.67 over the past year. With a market capitalization of $60.57 billion, the PE ratio stands at 18.11, along with a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The 50-day moving average for the stock is at $78.87, while the 200-day moving average is $72.41.

On January 15, Bank of New York Mellon reported earnings that exceeded analysts' expectations. They announced earnings of $1.72 per share for the quarter, surpassing the anticipated $1.54 by $0.18. The bank achieved a net margin of 9.44% and a return on equity of 12.06%. Revenue for the quarter totaled $4.85 billion, exceeding analyst estimates of $4.66 billion and reflecting an 11.2% increase from the same period last year. Current forecasts predict that the company will post an EPS of 5.87 for the current fiscal year.

Dividend Announcement from Bank of New York Mellon

Recently, the bank also announced its quarterly dividend payment set to be distributed on February 7. Shareholders on record as of January 27 will receive a dividend of $0.47 per share, which translates to an annualized dividend of $1.88 and a yield of 2.26%. The ex-dividend date is also January 27. The bank currently has a dividend payout ratio of 40.87%.

Overview of Bank of New York Mellon

The Bank of New York Mellon Corporation is involved in providing a wide range of financial services and products both in the United States and internationally. The company operates through various segments including Securities Services, Market and Wealth Services, Investment and Wealth Management, among others. Within the Securities Services segment, they provide services such as custody, trust and depositary services, accounting, transfer agency, and data analytics, among many others.

investment, banking, stocks