The Bank of New York Mellon Corporation $BK Stock Position Trimmed by Dodge & Cox

Dodge & Cox trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 7.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 34,842,944 shares of the bank’s stock after selling 2,776,430 shares during the period. Bank of New York Mellon accounts for approximately 2.0% of Dodge & Cox’s holdings, making the stock its 9th largest holding. Dodge & Cox’s holdings in Bank of New York Mellon were worth $3,796,487,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BK. Valley Wealth Managers Inc. acquired a new position in shares of Bank of New York Mellon during the 3rd quarter valued at about $33,000. Caldwell Trust Co acquired a new stake in shares of Bank of New York Mellon in the second quarter worth approximately $36,000. Westside Investment Management Inc. grew its holdings in Bank of New York Mellon by 44.1% in the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock valued at $45,000 after purchasing an additional 127 shares during the period. Dunhill Financial LLC grew its holdings in Bank of New York Mellon by 130.8% in the third quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after purchasing an additional 242 shares during the period. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Bank of New York Mellon during the second quarter worth approximately $52,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

BK opened at $116.18 on Friday. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $128.76. The company has a 50 day moving average of $119.65 and a two-hundred day moving average of $113.16. The company has a market cap of $79.96 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.09 and a beta of 1.10. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The business had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. On average, analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BK. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Barclays upped their price objective on Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Finally, Morgan Stanley boosted their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.