Linscomb Wealth Inc. Sells 137 Shares of The Bank of New York Mellon Corporation $BK

Linscomb Wealth Inc. lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,124 shares of the bank’s stock after selling 137 shares during the period. Linscomb Wealth Inc.’s holdings in Bank of New York Mellon were worth $285,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Canada Post Corp Registered Pension Plan bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $1,035,000. Formidable Asset Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $247,000. Genus Capital Management Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $2,559,000. Goldman Sachs Group Inc. lifted its position in Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in Bank of New York Mellon by 1.4% in the first quarter. Principal Financial Group Inc. now owns 871,686 shares of the bank’s stock valued at $73,108,000 after purchasing an additional 11,866 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BK. Barclays upped their price target on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a report on Friday, October 17th. 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. The Goldman Sachs Group boosted their price target 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. Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Friday, October 24th. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report 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 given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $107.99 on Friday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The stock’s 50 day simple moving average is $106.69 and its two-hundred day simple moving average is $96.71. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The stock has a market cap of $76.16 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. As a group, 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 firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 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.