Pekin Hardy Strauss Inc. Has $1.41 Million Holdings in The Bank of New York Mellon Corporation $BK

Pekin Hardy Strauss Inc. trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK) by 13.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 15,422 shares of the bank’s stock after selling 2,344 shares during the period. Pekin Hardy Strauss Inc.’s holdings in Bank of New York Mellon were worth $1,405,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank’s stock valued at $1,010,093,000 after purchasing an additional 221,613 shares during the period. Nuveen LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth about $773,627,000. Invesco Ltd. boosted its position in Bank of New York Mellon by 8.8% during the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank’s stock worth $693,116,000 after acquiring an additional 667,966 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Bank of New York Mellon by 5.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,125,577 shares of the bank’s stock worth $681,492,000 after acquiring an additional 436,100 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after acquiring an additional 1,052,145 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $109.66 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company’s fifty day moving average is $107.06 and its 200-day moving average is $97.84. The firm has a market cap of $76.47 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion for the quarter. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BK shares. The Goldman Sachs Group increased their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Citigroup upped their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Barclays lifted their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. Finally, BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $111.29.

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.