Geode Capital Management LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,673,564 shares of the bank's stock after selling 40,443 shares during the period. Geode Capital Management LLC owned about 2.43% of Bank of New York Mellon worth $1,355,930,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of the stock. Graney & King LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $35,000. Centricity Wealth Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth approximately $39,000. TCTC Holdings LLC lifted its stake in Bank of New York Mellon by 257.5% in the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank's stock valued at $46,000 after buying an additional 430 shares during the last quarter. Modus Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $49,000. Finally, Friedenthal Financial purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $56,000. Institutional investors and hedge funds own 85.31% of the company's stock.
Analysts Set New Price Targets
BK has been the subject of a number of recent research reports. Truist Financial increased their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an "in-line" rating in a research note on Tuesday. StockNews.com lowered Bank of New York Mellon from a "buy" rating to a "hold" rating in a report on Wednesday, February 19th. Morgan Stanley decreased their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of "Moderate Buy" and an average target price of $90.07.
Read Our Latest Research Report on BK
Bank of New York Mellon Price Performance
Shares of NYSE BK traded down $4.33 during midday trading on Thursday, hitting $79.89. The company had a trading volume of 5,261,860 shares, compared to its average volume of 3,910,950. The firm has a market capitalization of $57.36 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $90.34. The business has a 50-day simple moving average of $85.23 and a two-hundred day simple moving average of $79.93. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.
Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analysts' expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company's revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 EPS. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.
Bank of New York Mellon Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.36%.
About Bank of New York Mellon
(
Free Report)
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.
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