State of Michigan Retirement System Trims Stake in The Bank of New York Mellon Co. (NYSE:BK)

State of Michigan Retirement System cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 208,655 shares of the bank’s stock after selling 5,800 shares during the quarter. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $16,031,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Farther Finance Advisors LLC increased its holdings in Bank of New York Mellon by 21.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,846 shares of the bank’s stock valued at $348,000 after purchasing an additional 872 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Bank of New York Mellon by 14.4% during the third quarter. Janney Montgomery Scott LLC now owns 127,748 shares of the bank’s stock worth $9,180,000 after buying an additional 16,041 shares during the period. National Pension Service grew its stake in shares of Bank of New York Mellon by 14.4% in the third quarter. National Pension Service now owns 1,851,269 shares of the bank’s stock valued at $133,032,000 after buying an additional 232,434 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in shares of Bank of New York Mellon by 0.5% in the 3rd quarter. Asset Management One Co. Ltd. now owns 316,742 shares of the bank’s stock valued at $22,761,000 after buying an additional 1,643 shares during the period. Finally, PDS Planning Inc acquired a new position in Bank of New York Mellon during the 3rd quarter worth about $217,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on BK. Truist Financial boosted 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 upped their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, UBS Group increased 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. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $88.71.

Bank of New York Mellon Trading Down 3.2 %

BK opened at $85.56 on Wednesday. The business’s 50-day simple moving average is $83.39 and its 200-day simple moving average is $77.60. The company has a market cap of $61.29 billion, a P/E ratio of 14.73, a PEG ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $90.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last announced its quarterly 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. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.20%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

About Bank of New York Mellon

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.