The Bank of New York Mellon Corporation $BK Position Increased by Federated Hermes Inc.

Federated Hermes Inc. lifted its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 32.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,694,248 shares of the bank’s stock after purchasing an additional 411,858 shares during the period. Federated Hermes Inc.’s holdings in Bank of New York Mellon were worth $184,605,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in Bank of New York Mellon by 0.7% during the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock worth $6,477,206,000 after acquiring an additional 517,081 shares during the period. Geode Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after purchasing an additional 785,478 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Bank of New York Mellon by 0.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after purchasing an additional 139,544 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $1,081,847,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in Bank of New York Mellon by 36.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock valued at $236,013,000 after purchasing an additional 577,621 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

BK has been the topic of several analyst reports. Citigroup increased their target price on Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings restated a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. Truist Financial raised shares of 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 report on Wednesday, January 7th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. Finally, The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Stock Performance

Shares of BK opened at $118.98 on Wednesday. The firm has a market capitalization of $82.97 billion, a PE ratio of 16.06, a P/E/G ratio of 1.11 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a 50-day moving average price of $116.41 and a 200 day moving average price of $109.06. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $125.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results 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 company had revenue of $5.07 billion during the quarter. On average, sell-side analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.61%.

About Bank of New York Mellon

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.