Vanguard Group Inc. Sells 420,111 Shares of The Bank of New York Mellon Corporation $BK

Vanguard Group Inc. reduced its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 0.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 70,672,037 shares of the bank’s stock after selling 420,111 shares during the period. Vanguard Group Inc. owned approximately 0.10% of Bank of New York Mellon worth $7,700,425,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Westside Investment Management Inc. lifted its holdings in shares of Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after acquiring an additional 127 shares during the last quarter. Valley Wealth Managers Inc. acquired a new position in Bank of New York Mellon during the 3rd quarter worth approximately $33,000. Caldwell Trust Co bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $36,000. Princeton Global Asset Management LLC boosted its position in Bank of New York Mellon by 89.0% in the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock valued at $41,000 after buying an additional 210 shares in the last quarter. Finally, Quaker Wealth Management LLC grew its stake in shares of Bank of New York Mellon by 198.9% during the second quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock worth $41,000 after buying an additional 905 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on BK. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. New Street Research set a $143.00 price objective on Bank of New York Mellon in a research note on Wednesday, January 14th. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. Finally, Barclays boosted their target price on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $117.67 on Tuesday. The firm has a market cap of $82.05 billion, a P/E ratio of 15.88, a P/E/G ratio of 1.10 and a beta of 1.10. The stock’s 50 day moving average is $119.23 and its 200 day moving average is $111.21. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The firm had revenue of $5.07 billion during the quarter. As a group, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS 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. Shareholders of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is 28.61%.

About Bank of New York Mellon

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.