Intech Investment Management LLC Trims Position in The Bank of New York Mellon Corporation $BK

Intech Investment Management LLC lowered its position in The Bank of New York Mellon Corporation (NYSE:BK) by 33.5% in the second quarter, HoldingsChannel reports. The firm owned 302,919 shares of the bank’s stock after selling 152,267 shares during the period. Intech Investment Management LLC’s holdings in Bank of New York Mellon were worth $27,599,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan purchased a new position in Bank of New York Mellon during the first quarter worth about $1,035,000. Formidable Asset Management LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter worth approximately $247,000. Goldman Sachs Group Inc. boosted its position in shares of Bank of New York Mellon by 26.3% during 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 during the period. Marble Harbor Investment Counsel LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $218,000. Finally, Nuveen LLC acquired a new position in Bank of New York Mellon during the first quarter worth $773,627,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 0.4%

NYSE:BK opened at $110.60 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $113.74. The stock’s 50 day moving average price is $107.70 and its 200 day moving average price is $98.99. The company has a market capitalization of $77.13 billion, a PE ratio of 15.96, a P/E/G ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (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, research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. TD Cowen increased their price target on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. BMO Capital Markets assumed 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 target for the company. Citigroup upped their price objective on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Finally, The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $111.29.

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.