The Bank of New York Mellon Co. (NYSE:BK) Stake Cut by Nordea Investment Management AB

Posted by on Jun 23rd, 2022

Nordea Investment Management AB reduced its holdings in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 542,485 shares of the bank’s stock after selling 7,470 shares during the period. Nordea Investment Management AB owned about 0.07% of Bank of New York Mellon worth $27,900,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in BK. Equitec Proprietary Markets LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $27,000. Fieldpoint Private Securities LLC lifted its stake in Bank of New York Mellon by 125.6% in the 4th quarter. Fieldpoint Private Securities LLC now owns 485 shares of the bank’s stock worth $28,000 after acquiring an additional 270 shares in the last quarter. Ellis Investment Partners LLC lifted its stake in Bank of New York Mellon by 100.7% in the 4th quarter. Ellis Investment Partners LLC now owns 606 shares of the bank’s stock worth $35,000 after acquiring an additional 304 shares in the last quarter. McClarren Financial Advisors Inc. lifted its stake in Bank of New York Mellon by 69.1% in the 4th quarter. McClarren Financial Advisors Inc. now owns 624 shares of the bank’s stock worth $37,000 after acquiring an additional 255 shares in the last quarter. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $38,000. 83.69% of the stock is owned by hedge funds and other institutional investors.

BK has been the subject of a number of recent research reports. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and cut their price target for the stock from $70.00 to $50.00 in a research note on Monday, April 11th. Deutsche Bank Aktiengesellschaft lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and lowered their price objective for the company from $54.00 to $45.00 in a report on Thursday, May 19th. JPMorgan Chase & Co. lowered Bank of New York Mellon from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $59.00 to $51.50 in a report on Wednesday, April 27th. The Goldman Sachs Group lowered their price objective on Bank of New York Mellon from $60.00 to $51.50 and set a “neutral” rating on the stock in a report on Tuesday, April 19th. Finally, Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating and set a $55.00 price objective on the stock. in a report on Thursday, March 31st. Eleven analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Hold” and an average target price of $56.38.

Shares of BK stock opened at $42.23 on Thursday. The company has a market capitalization of $34.11 billion, a P/E ratio of 10.45, a P/E/G ratio of 1.56 and a beta of 1.14. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.69. The Bank of New York Mellon Co. has a 12 month low of $40.26 and a 12 month high of $64.63. The stock has a 50 day moving average of $44.10 and a two-hundred day moving average of $51.99.

Bank of New York Mellon (NYSE:BK – Get Rating) last announced its quarterly earnings data on Monday, April 18th. The bank reported $0.86 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.86. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 9.33%. The company had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.94 billion. During the same quarter in the prior year, the company posted $0.97 EPS. The business’s revenue was up .1% on a year-over-year basis. Sell-side analysts predict that The Bank of New York Mellon Co. will post 4.41 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 11th. Investors of record on Thursday, April 28th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Wednesday, April 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 33.66%.

Bank of New York Mellon Profile (Get Rating)

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, prime brokerage, and data analytics.

See Also

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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