Davis Selected Advisers Sells 12,215 Shares of The Bank of New York Mellon Corporation $BK

Davis Selected Advisers trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,898,430 shares of the bank’s stock after selling 12,215 shares during the quarter. Bank of New York Mellon comprises about 0.9% of Davis Selected Advisers’ investment portfolio, making the stock its 28th largest holding. Davis Selected Advisers owned approximately 0.27% of Bank of New York Mellon worth $172,966,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen LLC purchased a new stake in Bank of New York Mellon during the first quarter valued at approximately $773,627,000. AustralianSuper Pty Ltd purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $92,502,000. Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Bank of New York Mellon by 257.6% in the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after purchasing an additional 890,593 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after buying an additional 887,361 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. Barclays lifted their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Citigroup upped their price target on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. 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 stock a “buy” rating in a report on Monday, October 6th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $111.29.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $110.99 on Friday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $113.74. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The company has a market cap of $77.40 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The company’s 50 day moving average is $107.57 and its 200 day moving average is $98.77.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The business had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Bank of New York Mellon Company 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.