HighTower Advisors LLC Decreases Stock Position in The Bank of New York Mellon Corporation $BK

HighTower Advisors LLC decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 369,748 shares of the bank’s stock after selling 15,367 shares during the period. HighTower Advisors LLC owned approximately 0.05% of Bank of New York Mellon worth $40,287,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Westside Investment Management Inc. increased its stake in Bank of New York Mellon by 78.9% in the 2nd 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. purchased a new position in shares of Bank of New York Mellon in the third quarter valued at $33,000. Caldwell Trust Co bought a new stake in Bank of New York Mellon in the second quarter worth $36,000. Princeton Global Asset Management LLC raised its stake in Bank of New York Mellon by 89.0% during the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock valued at $41,000 after purchasing an additional 210 shares in the last quarter. Finally, Quaker Wealth Management LLC raised its stake in 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 valued at $41,000 after purchasing an additional 905 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $118.82 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock’s fifty day moving average is $119.29 and its two-hundred day moving average is $111.35. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $128.76. The company has a market capitalization of $82.86 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.10 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last issued its 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 net margin of 13.62% and a return on equity of 14.37%. As a group, analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders 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 dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. 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. Morgan Stanley boosted their price objective on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Citigroup raised their price objective on Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday. Finally, Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon 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.