The Bank of New York Mellon Corporation $BK Position Cut by Private Management Group Inc.

Private Management Group Inc. trimmed its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 17.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 416,058 shares of the bank’s stock after selling 86,391 shares during the period. Bank of New York Mellon makes up about 1.3% of Private Management Group Inc.’s portfolio, making the stock its 10th biggest position. Private Management Group Inc.’s holdings in Bank of New York Mellon were worth $45,334,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Valeo Financial Advisors LLC raised its holdings in Bank of New York Mellon by 1.3% during the 3rd quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank’s stock valued at $821,000 after buying an additional 94 shares during the period. Ferguson Wellman Capital Management Inc. lifted its position in Bank of New York Mellon by 0.4% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock worth $2,697,000 after buying an additional 96 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. boosted its stake in Bank of New York Mellon by 1.9% during the third quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank’s stock worth $566,000 after buying an additional 98 shares during the period. Angeles Wealth Management LLC boosted its stake in Bank of New York Mellon by 2.6% during the third quarter. Angeles Wealth Management LLC now owns 3,798 shares of the bank’s stock worth $414,000 after buying an additional 98 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its position in Bank of New York Mellon by 13.7% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock valued at $75,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $116.18 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71. The stock has a market cap of $79.96 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.09 and a beta of 1.10. The firm has a 50-day moving average of $119.65 and a two-hundred day moving average of $113.16. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $128.76.

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

Bank of New York Mellon Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price objective for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. Wells Fargo & Company boosted 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 research report on Wednesday, January 14th. Morgan Stanley upped their target price on Bank of New York Mellon from $124.00 to $132.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Finally, TD Cowen increased their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Company 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.