Pacer Advisors Inc. Reduces Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Pacer Advisors Inc. trimmed its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 115,100 shares of the bank’s stock after selling 1,590 shares during the period. Pacer Advisors Inc.’s holdings in Bank of New York Mellon were worth $8,843,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mackenzie Financial Corp boosted its holdings in Bank of New York Mellon by 1.5% in the second quarter. Mackenzie Financial Corp now owns 93,439 shares of the bank’s stock valued at $5,596,000 after purchasing an additional 1,362 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 2.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 37,093 shares of the bank’s stock valued at $2,221,000 after buying an additional 1,023 shares in the last quarter. NewEdge Advisors LLC grew its position in shares of Bank of New York Mellon by 66.8% in the 2nd quarter. NewEdge Advisors LLC now owns 28,596 shares of the bank’s stock valued at $1,713,000 after buying an additional 11,457 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $234,000. Finally, Truist Financial Corp lifted its position in Bank of New York Mellon by 3.3% in the second quarter. Truist Financial Corp now owns 1,734,833 shares of the bank’s stock valued at $103,899,000 after acquiring an additional 55,631 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BK has been the topic of a number of research analyst reports. Citigroup lifted their target price on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, November 25th. Truist Financial boosted their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Bank of America raised their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. JPMorgan Chase & Co. upped their price target on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, October 7th. Finally, Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Stock Down 0.2 %

BK opened at $86.14 on Thursday. The business has a 50 day simple moving average of $79.85 and a 200-day simple moving average of $73.59. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $87.70. The stock has a market capitalization of $62.63 billion, a P/E ratio of 14.83, a P/E/G ratio of 0.96 and a beta of 1.08. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the company posted $1.28 EPS. The business’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, equities analysts anticipate that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be given a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.18%. Bank of New York Mellon’s payout ratio is 32.36%.

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.