Burney Co. cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Free Report) by 8.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,450 shares of the bank’s stock after selling 9,502 shares during the period. Burney Co.’s holdings in Bank of New York Mellon were worth $4,784,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of BK. Nemes Rush Group LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $27,000. Brown Brothers Harriman & Co. boosted its stake in Bank of New York Mellon by 97.1% during the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares during the period. Duncker Streett & Co. Inc. acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at about $33,000. Glass Jacobson Investment Advisors llc purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $35,000. Finally, Sunbelt Securities Inc. acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $36,000. 81.29% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have commented on BK shares. Bank of America decreased their price target on Bank of New York Mellon from $55.00 to $53.00 in a research note on Tuesday, October 10th. Evercore ISI lowered their target price on Bank of New York Mellon from $47.00 to $45.00 in a report on Thursday, October 5th. StockNews.com assumed coverage on shares of Bank of New York Mellon in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Citigroup lowered their price objective on shares of Bank of New York Mellon from $58.00 to $55.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley cut their target price on shares of Bank of New York Mellon from $48.00 to $46.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $52.40.
Bank of New York Mellon Stock Performance
NYSE:BK opened at $46.45 on Wednesday. The firm has a market capitalization of $35.72 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 1.07 and a beta of 1.10. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.71 and a quick ratio of 0.71. The business’s fifty day moving average price is $43.30 and its 200 day moving average price is $43.46. The Bank of New York Mellon Co. has a 12 month low of $39.65 and a 12 month high of $52.26.
Bank of New York Mellon (NYSE:BK – Get Free Report) last issued its earnings results on Tuesday, October 17th. The bank reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.12. The business had revenue of $4.37 billion for the quarter, compared to analyst estimates of $4.32 billion. Bank of New York Mellon had a return on equity of 11.84% and a net margin of 11.81%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company earned $1.21 EPS. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 4.88 earnings per share for the current fiscal year.
Bank of New York Mellon Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, November 9th. Investors of record on Friday, October 27th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, October 26th. This represents a $1.68 annualized dividend and a yield of 3.62%. Bank of New York Mellon’s dividend payout ratio is currently 39.44%.
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.
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