The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Carnegie Lake Advisors LLC

Carnegie Lake Advisors LLC decreased its position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 35.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,991 shares of the bank's stock after selling 16,525 shares during the quarter. Bank of New York Mellon accounts for approximately 0.9% of Carnegie Lake Advisors LLC's portfolio, making the stock its 28th largest holding. Carnegie Lake Advisors LLC's holdings in Bank of New York Mellon were worth $2,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Essex Financial Services Inc. boosted its position in Bank of New York Mellon by 17.6% during the fourth quarter. Essex Financial Services Inc. now owns 16,922 shares of the bank's stock worth $1,300,000 after acquiring an additional 2,535 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in shares of Bank of New York Mellon by 4.5% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 24,656 shares of the bank's stock valued at $1,894,000 after acquiring an additional 1,061 shares during the period. Savant Capital LLC lifted its stake in Bank of New York Mellon by 1.0% during the fourth quarter. Savant Capital LLC now owns 49,733 shares of the bank's stock worth $3,821,000 after purchasing an additional 470 shares in the last quarter. Burns Matteson Capital Management LLC acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $245,000. Finally, Angeles Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $202,000. Institutional investors and hedge funds own 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

Shares of BK traded up $0.53 during midday trading on Tuesday, reaching $85.56. 2,329,309 shares of the stock were exchanged, compared to its average volume of 3,834,545. The company has a market cap of $62.21 billion, a P/E ratio of 14.73, a PEG ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $87.70. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock's 50 day simple moving average is $80.77 and its 200 day simple moving average is $74.97.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion for the quarter, compared to analysts' expectations of $4.66 billion. During the same period in the prior year, the business posted $1.28 earnings per share. The firm's revenue was up 11.2% on a year-over-year basis. On average, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.89 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.20%. Bank of New York Mellon's dividend payout ratio is currently 32.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BK. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an "outperform" rating in a research report on Tuesday, December 3rd. UBS Group boosted their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Truist Financial raised their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Wolfe Research downgraded shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $88.00.

Bank of New York Mellon 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.