Asset Management One Co. Ltd. Cuts Stock Position in The Bank of New York Mellon Corporation $BK

Asset Management One Co. Ltd. cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 330,384 shares of the bank’s stock after selling 1,009 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Bank of New York Mellon were worth $30,101,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of BK. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon during the first quarter worth about $25,000. Cornerstone Planning Group LLC increased its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares during the period. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon during the first quarter worth about $32,000. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the second quarter worth approximately $32,000. Finally, Golden State Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 226.4% during the first quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock worth $34,000 after buying an additional 283 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BK. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price on the stock. Evercore ISI upped 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 research note on Tuesday, September 30th. Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. Finally, Truist Financial upped their target price on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $107.91 on Friday. The firm has a market capitalization of $76.10 billion, a P/E ratio of 15.57, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $110.87. 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 firm’s 50 day moving average is $106.07 and its two-hundred day moving average is $95.52.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company 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%. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Monday, October 27th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.0%. The ex-dividend date is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

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.