Synovus Financial Corp grew its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 43.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,237 shares of the bank’s stock after purchasing an additional 5,197 shares during the period. Synovus Financial Corp’s holdings in Bank of New York Mellon were worth $928,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Invictus RG bought a new stake in Bank of New York Mellon during the third quarter worth about $102,000. Vestpro Financial Partners Inc. dba CPF Texas bought a new stake in Bank of New York Mellon during the fourth quarter worth about $120,000. Rowland & Co. Investment Counsel ADV bought a new stake in Bank of New York Mellon during the fourth quarter worth about $124,000. Advisory Services Network LLC lifted its stake in Bank of New York Mellon by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares during the last quarter. Finally, Horan Capital Advisors LLC. purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $139,000. 83.71% of the stock is owned by hedge funds and other institutional investors.
In related news, CFO Thomas P. Gibbons sold 38,152 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the transaction, the chief financial officer now owns 310,002 shares in the company, valued at approximately $16,786,608.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.60% of the stock is owned by insiders.
Several research analysts have recently commented on the company. Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price objective on the stock in a report on Wednesday, January 10th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Sandler O’Neill reiterated a “hold” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a report on Friday, January 19th. Vining Sparks reiterated a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a report on Monday, January 8th. Finally, Barclays lifted their price objective on Bank of New York Mellon from $55.00 to $66.00 and gave the stock an “overweight” rating in a report on Tuesday, January 2nd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $56.76.
Bank of New York Mellon Corp (NYSE:BK) opened at $56.30 on Friday. Bank of New York Mellon Corp has a twelve month low of $45.12 and a twelve month high of $58.99. The stock has a market capitalization of $57,208.80, a PE ratio of 14.99, a P/E/G ratio of 1.80 and a beta of 1.21. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.91. Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the business earned $0.77 EPS. Bank of New York Mellon’s revenue was down 1.6% compared to the same quarter last year. equities analysts forecast that Bank of New York Mellon Corp will post 4.06 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Tuesday, January 30th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, January 29th. This represents a $0.96 dividend on an annualized basis and a yield of 1.71%. Bank of New York Mellon’s dividend payout ratio is presently 25.74%.
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About Bank of New York Mellon
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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