Peddock Capital Advisors LLC Buys New Stake in The Bank of New York Mellon Co. (NYSE:BK)

Peddock Capital Advisors LLC purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 4,180 shares of the bank’s stock, valued at approximately $218,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Charles Schwab Investment Management Inc. boosted its stake in Bank of New York Mellon by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,802,627 shares of the bank’s stock valued at $249,977,000 after buying an additional 70,146 shares during the last quarter. Apollon Wealth Management LLC grew its holdings in shares of Bank of New York Mellon by 45.6% in the fourth quarter. Apollon Wealth Management LLC now owns 18,744 shares of the bank’s stock valued at $976,000 after purchasing an additional 5,872 shares in the last quarter. Lincoln National Corp increased its position in Bank of New York Mellon by 1.9% in the fourth quarter. Lincoln National Corp now owns 14,980 shares of the bank’s stock worth $780,000 after purchasing an additional 276 shares during the last quarter. Private Advisor Group LLC raised its stake in Bank of New York Mellon by 2.5% during the fourth quarter. Private Advisor Group LLC now owns 35,744 shares of the bank’s stock valued at $1,860,000 after purchasing an additional 867 shares in the last quarter. Finally, Avidian Wealth Solutions LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at $205,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.1 %

NYSE:BK traded down $0.08 during midday trading on Tuesday, hitting $57.40. The stock had a trading volume of 2,801,237 shares, compared to its average volume of 3,875,974. The stock has a 50-day moving average of $56.25 and a 200 day moving average of $52.64. The company has a market capitalization of $43.21 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.23 and a beta of 1.11. The Bank of New York Mellon Co. has a one year low of $39.65 and a one year high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.71 and a debt-to-equity ratio of 0.90.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. The business had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.39 billion. Bank of New York Mellon had a return on equity of 11.80% and a net margin of 9.48%. The business’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.13 EPS. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.43 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 9th. Stockholders of record on Friday, April 26th will be issued a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 annualized dividend and a dividend yield of 2.93%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 54,070 shares of the business’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the transaction, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP J Kevin Mccarthy sold 40,000 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $56.15, for a total transaction of $2,246,000.00. Following the transaction, the executive vice president now directly owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 54,070 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $54.88, for a total value of $2,967,361.60. Following the completion of the sale, the vice president now directly owns 78,350 shares of the company’s stock, valued at approximately $4,299,848. The disclosure for this sale can be found here. In the last quarter, insiders sold 98,568 shares of company stock valued at $5,459,897. Company insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BK. Citigroup upped their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Bank of America boosted their target price on Bank of New York Mellon from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. Evercore ISI raised their price target on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a research report on Thursday, April 4th. Royal Bank of Canada reiterated a “sector perform” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, March 27th. Finally, Morgan Stanley boosted their target price on Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $60.17.

About Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, 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.