Sagespring Wealth Partners LLC Invests $403,000 in The Bank of New York Mellon Co. (NYSE:BK)

Sagespring Wealth Partners LLC purchased a new stake in The Bank of New York Mellon Co. (NYSE:BK) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 5,241 shares of the bank’s stock, valued at approximately $403,000.

Several other hedge funds also recently modified their holdings of BK. Graney & King LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter worth $35,000. Centricity Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter valued at approximately $39,000. TCTC Holdings LLC grew its stake in shares of Bank of New York Mellon by 257.5% in the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after buying an additional 430 shares in the last quarter. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $56,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

BK stock opened at $77.74 on Wednesday. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $90.34. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company’s fifty day simple moving average is $83.29 and its 200 day simple moving average is $80.26. The firm has a market cap of $55.81 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period in the prior year, the firm earned $1.29 earnings per share. Bank of New York Mellon’s revenue was up 5.9% on a year-over-year basis. On average, analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Investors of record on Monday, April 21st will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon’s payout ratio is currently 30.62%.

Analyst Upgrades and Downgrades

Several research firms have commented on BK. UBS Group upped their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Truist Financial lowered their price objective on Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Monday. StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Morgan Stanley dropped their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday, April 2nd. Finally, Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $89.64.

Bank of New York Mellon Profile

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.