Westpac Banking Corp Sells 62,328 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Westpac Banking Corp lowered its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 47.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 69,316 shares of the bank’s stock after selling 62,328 shares during the period. Westpac Banking Corp’s holdings in Bank of New York Mellon were worth $3,086,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Kistler Tiffany Companies LLC lifted its holdings in Bank of New York Mellon by 4.9% during the 2nd quarter. Kistler Tiffany Companies LLC now owns 4,764 shares of the bank’s stock worth $212,000 after buying an additional 224 shares during the period. Pinkerton Retirement Specialists LLC boosted its holdings in Bank of New York Mellon by 0.4% in the second quarter. Pinkerton Retirement Specialists LLC now owns 63,013 shares of the bank’s stock valued at $2,805,000 after acquiring an additional 240 shares during the last quarter. Laurel Wealth Advisors Inc. increased its position in Bank of New York Mellon by 1.7% during the 1st quarter. Laurel Wealth Advisors Inc. now owns 14,451 shares of the bank’s stock valued at $717,000 after purchasing an additional 245 shares during the period. Farmers & Merchants Investments Inc. raised its holdings in Bank of New York Mellon by 5.6% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 4,936 shares of the bank’s stock worth $224,000 after purchasing an additional 260 shares during the last quarter. Finally, McIlrath & Eck LLC lifted its position in shares of Bank of New York Mellon by 4.9% in the 2nd quarter. McIlrath & Eck LLC now owns 5,711 shares of the bank’s stock worth $254,000 after purchasing an additional 268 shares during the period. Institutional investors and hedge funds own 81.29% of the company’s stock.

Bank of New York Mellon Stock Down 0.3 %

Shares of BK traded down $0.15 on Thursday, reaching $46.42. The company’s stock had a trading volume of 699,720 shares, compared to its average volume of 5,114,824. The Bank of New York Mellon Co. has a twelve month low of $39.65 and a twelve month high of $52.26. The stock has a market capitalization of $35.70 billion, a PE ratio of 10.93, a PEG ratio of 1.07 and a beta of 1.10. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.83. The firm has a fifty day moving average of $43.34 and a 200-day moving average of $43.48.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, October 17th. The bank reported $1.27 EPS for the quarter, topping the consensus estimate of $1.15 by $0.12. Bank of New York Mellon had a return on equity of 11.84% and a net margin of 11.81%. The firm had revenue of $4.37 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities analysts predict that The Bank of New York Mellon Co. will post 4.88 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Friday, October 27th were paid a $0.42 dividend. The ex-dividend date was Thursday, October 26th. This represents a $1.68 annualized dividend and a dividend yield of 3.62%. Bank of New York Mellon’s payout ratio is 39.44%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BK shares. StockNews.com began coverage on shares of Bank of New York Mellon in a research note on Thursday, October 5th. They set a “hold” rating for the company. Citigroup cut their target price on Bank of New York Mellon from $58.00 to $55.00 in a research report on Wednesday, July 19th. Bank of America lowered their target price on Bank of New York Mellon from $55.00 to $53.00 in a report on Tuesday, October 10th. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $48.00 to $46.00 and set an “underweight” rating for the company in a research report on Tuesday, October 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Bank of New York Mellon from $45.00 to $44.00 and set a “hold” rating for the company in a research note on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $52.40.

Bank of New York Mellon Company Profile

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.