USS Investment Management Ltd trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 13.6% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 369,754 shares of the bank's stock after selling 58,039 shares during the quarter. USS Investment Management Ltd's holdings in Bank of New York Mellon were worth $14,252,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Hazlett Burt & Watson Inc. boosted its position in Bank of New York Mellon by 132.2% during the third quarter. Hazlett Burt & Watson Inc. now owns 692 shares of the bank's stock valued at $26,000 after buying an additional 394 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at about $26,000. Rock Creek Group LP boosted its holdings in Bank of New York Mellon by 273.8% during the 2nd quarter. Rock Creek Group LP now owns 729 shares of the bank's stock valued at $30,000 after acquiring an additional 534 shares during the period. Brown Brothers Harriman & Co. grew its position in Bank of New York Mellon by 97.1% during the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank's stock worth $30,000 after acquiring an additional 300 shares during the last quarter. Finally, Gradient Investments LLC increased its stake in Bank of New York Mellon by 74.0% in the 3rd quarter. Gradient Investments LLC now owns 802 shares of the bank's stock worth $31,000 after purchasing an additional 341 shares during the period. Hedge funds and other institutional investors own 82.29% of the company's stock.
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Analyst Ratings Changes
A number of analysts have recently weighed in on BK shares. Wolfe Research raised Bank of New York Mellon from a "peer perform" rating to an "outperform" rating and set a $60.00 price objective for the company in a research note on Wednesday, January 4th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $47.00 to $49.00 and gave the stock an "underweight" rating in a report on Wednesday. StockNews.com began coverage on shares of Bank of New York Mellon in a research note on Wednesday, October 12th. They set a "hold" rating for the company. Bank of America started coverage on Bank of New York Mellon in a research note on Thursday, January 12th. They issued a "buy" rating and a $56.00 target price on the stock. Finally, The Goldman Sachs Group raised Bank of New York Mellon from a "neutral" rating to a "buy" rating and set a $59.00 price target for the company in a research report on Wednesday, January 4th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $52.19.
Bank of New York Mellon Price Performance
BK opened at $50.23 on Friday. The Bank of New York Mellon Co. has a 12-month low of $36.22 and a 12-month high of $64.63. The company has a market cap of $40.60 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 1.33 and a beta of 1.10. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.86. The stock has a fifty day simple moving average of $46.84 and a two-hundred day simple moving average of $43.91.
Bank of New York Mellon (NYSE:BK – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The bank reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.08. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $4.12 billion. Bank of New York Mellon had a net margin of 12.87% and a return on equity of 10.78%. Bank of New York Mellon's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $1.04 EPS. Research analysts predict that The Bank of New York Mellon Co. will post 4.74 earnings per share for the current fiscal year.
Bank of New York Mellon Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, February 3rd. Investors of record on Monday, January 23rd were paid a $0.37 dividend. The ex-dividend date was Friday, January 20th. This represents a $1.48 annualized dividend and a dividend yield of 2.95%. Bank of New York Mellon's payout ratio is currently 51.03%.
About Bank of New York Mellon
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The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.
Further Reading
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