The Bank of New York Mellon Corporation $BK Shares Sold by New York State Teachers Retirement System

by · The Cerbat Gem

New York State Teachers Retirement System lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK – Free Report) by 7.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 712,398 shares of the bank’s stock after selling 60,966 shares during the quarter. New York State Teachers Retirement System owned 0.10% of Bank of New York Mellon worth $77,623,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bayforest Capital Ltd acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at approximately $589,000. Cedar Mountain Advisors LLC purchased a new position in Bank of New York Mellon in the third quarter worth $322,000. Forum Financial Management LP raised its position in Bank of New York Mellon by 6.4% in the third quarter. Forum Financial Management LP now owns 22,303 shares of the bank’s stock worth $2,430,000 after acquiring an additional 1,350 shares in the last quarter. ORG Wealth Partners LLC lifted its holdings in Bank of New York Mellon by 59.2% in the third quarter. ORG Wealth Partners LLC now owns 1,641 shares of the bank’s stock valued at $179,000 after acquiring an additional 610 shares during the period. Finally, MASTERINVEST Kapitalanlage GmbH boosted its position in shares of Bank of New York Mellon by 4.0% during the 3rd quarter. MASTERINVEST Kapitalanlage GmbH now owns 8,694 shares of the bank’s stock worth $947,000 after purchasing an additional 331 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. TD Cowen lifted their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target on the stock. Finally, Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the stock from $119.00 to $134.00 in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.43.

Read Our Latest Analysis on BK

Bank of New York Mellon Stock Down 0.8%

BK stock opened at $119.03 on Friday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70. The company’s 50 day simple moving average is $113.67 and its 200-day simple moving average is $106.51. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $122.36. The firm has a market capitalization of $83.01 billion, a PE ratio of 17.18, a P/E/G ratio of 0.92 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK – Get Free Report) last issued its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Equities analysts expect 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid 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 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

About Bank of New York Mellon

(Free Report)

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.

See Also

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