HBK Sorce Advisory LLC Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

HBK Sorce Advisory LLC decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 17.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 3,263 shares of the bank’s stock after selling 701 shares during the period. HBK Sorce Advisory LLC’s holdings in Bank of New York Mellon were worth $251,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Bank of New York Mellon by 0.4% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 620,730 shares of the bank’s stock valued at $47,864,000 after buying an additional 2,319 shares during the period. Erste Asset Management GmbH raised its stake in Bank of New York Mellon by 4.2% during the fourth quarter. Erste Asset Management GmbH now owns 109,241 shares of the bank’s stock worth $8,472,000 after purchasing an additional 4,400 shares during the period. Vestcor Inc raised its stake in Bank of New York Mellon by 87.9% during the fourth quarter. Vestcor Inc now owns 29,615 shares of the bank’s stock worth $2,275,000 after purchasing an additional 13,856 shares during the period. Avantax Advisory Services Inc. raised its stake in Bank of New York Mellon by 6.9% during the fourth quarter. Avantax Advisory Services Inc. now owns 63,431 shares of the bank’s stock worth $4,873,000 after purchasing an additional 4,090 shares during the period. Finally, Great Lakes Advisors LLC raised its stake in Bank of New York Mellon by 1.7% during the fourth quarter. Great Lakes Advisors LLC now owns 38,734 shares of the bank’s stock worth $2,976,000 after purchasing an additional 639 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Truist Financial increased their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Evercore ISI increased their price target on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Barclays increased their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, UBS Group increased their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.71.

Bank of New York Mellon Price Performance

BK opened at $81.87 on Friday. The company has a fifty day simple moving average of $84.30 and a 200 day simple moving average of $78.47. The firm has a market cap of $58.78 billion, a price-to-earnings ratio of 14.09, a PEG ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s revenue was up 11.2% on a year-over-year basis. During the same period last year, the business earned $1.28 EPS. Equities research analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Bank of New York Mellon Company 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.