abrdn plc Sells 48,426 Shares of The Bank of New York Mellon Co. (NYSE:BK)

abrdn plc reduced its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 3.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,401,823 shares of the bank's stock after selling 48,426 shares during the period. abrdn plc owned about 0.19% of Bank of New York Mellon worth $107,555,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. McClarren Financial Advisors Inc. lifted its stake in Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after acquiring an additional 346 shares during the last quarter. Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Grove Bank & Trust boosted its holdings in Bank of New York Mellon by 28.8% in the third quarter. Grove Bank & Trust now owns 644 shares of the bank's stock worth $46,000 after purchasing an additional 144 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in Bank of New York Mellon during the third quarter worth $46,000. Finally, Modus Advisors LLC bought a new position in Bank of New York Mellon during the fourth quarter valued at about $49,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $0.93 during midday trading on Wednesday, reaching $85.79. 3,217,007 shares of the company's stock were exchanged, compared to its average volume of 4,036,305. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company's 50 day simple moving average is $80.44 and its two-hundred day simple moving average is $74.35. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $87.70. The firm has a market capitalization of $62.38 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the business earned $1.28 earnings per share. The company's quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts expect that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.19%. Bank of New York Mellon's payout ratio is presently 32.36%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BK. Citigroup increased their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a "neutral" rating in a report on Monday, November 25th. Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. StockNews.com upgraded shares of Bank of New York Mellon from a "hold" rating to a "buy" rating in a research note on Tuesday, January 28th. Truist Financial lifted their target price on shares of 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. Finally, Keefe, Bruyette & Woods boosted their target price on shares of 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. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and an average price target 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.