South Dakota Investment Council Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

South Dakota Investment Council cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 11.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 143,002 shares of the bank’s stock after selling 19,376 shares during the period. South Dakota Investment Council’s holdings in Bank of New York Mellon were worth $10,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BK. Centricity Wealth Management LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $39,000. Fortitude Family Office LLC lifted its position in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of Bank of New York Mellon in the third quarter valued at about $46,000. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter worth about $49,000. Finally, Concord Wealth Partners increased its holdings in shares of Bank of New York Mellon by 150.5% in the third quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock worth $54,000 after purchasing an additional 453 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.1 %

Shares of NYSE BK opened at $87.29 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm has a market capitalization of $63.46 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 0.98 and a beta of 1.08. The stock has a 50 day moving average price of $82.04 and a 200 day moving average price of $76.36. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $89.44.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon’s quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 earnings per share. Sell-side analysts expect that The Bank of New York Mellon Co. will post 6.94 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.15%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Bank of America lifted their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Evercore ISI lifted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Truist Financial lifted their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Citigroup lifted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Six research 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.00.

About Bank of New York Mellon

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.