Pitcairn Co. Reduces Stake in The Bank of New York Mellon Corporation $BK

Pitcairn Co. cut its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 64.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,086 shares of the bank’s stock after selling 14,352 shares during the quarter. Pitcairn Co.’s holdings in Bank of New York Mellon were worth $881,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Revolve Wealth Partners LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter valued at about $220,000. Sivia Capital Partners LLC increased its position in Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the last quarter. Ignite Planners LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $240,000. Ethos Financial Group LLC purchased a new position in Bank of New York Mellon during the second quarter worth about $390,000. Finally, Bryn Mawr Trust Advisors LLC boosted its holdings in Bank of New York Mellon by 21.3% in the 2nd quarter. Bryn Mawr Trust Advisors LLC now owns 13,270 shares of the bank’s stock valued at $1,209,000 after purchasing an additional 2,329 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $115.22 on Friday. The firm’s 50 day moving average price is $119.69 and its 200-day moving average price is $112.74. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The firm has a market cap of $79.15 billion, a P/E ratio of 15.55, a P/E/G ratio of 1.08 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share 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, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared 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. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

Analysts Set New Price Targets

Several analysts have recently weighed in on BK shares. Royal Bank Of Canada increased their price target on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. Citigroup initiated coverage on Bank of New York Mellon in a report on Monday, February 23rd. They issued a “neutral” rating on the stock. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price objective for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. TD Cowen raised their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Finally, Barclays lifted their target price on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research 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 company’s stock. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus 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.