Private Management Group Inc. Sells 127,494 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Private Management Group Inc. cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 18.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 576,426 shares of the bank’s stock after selling 127,494 shares during the quarter. Bank of New York Mellon comprises approximately 1.6% of Private Management Group Inc.’s investment portfolio, making the stock its 8th biggest position. Private Management Group Inc. owned about 0.08% of Bank of New York Mellon worth $44,287,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BK. Choreo LLC increased its position in Bank of New York Mellon by 6.8% during the fourth quarter. Choreo LLC now owns 52,913 shares of the bank’s stock worth $4,077,000 after purchasing an additional 3,374 shares during the last quarter. Tectonic Advisors LLC grew its stake in shares of Bank of New York Mellon by 5.3% in the 4th quarter. Tectonic Advisors LLC now owns 9,162 shares of the bank’s stock valued at $704,000 after buying an additional 464 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Bank of New York Mellon by 11.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 135,558 shares of the bank’s stock worth $10,480,000 after buying an additional 13,906 shares during the last quarter. Y.D. More Investments Ltd raised its position in shares of Bank of New York Mellon by 113.9% during the 4th quarter. Y.D. More Investments Ltd now owns 905 shares of the bank’s stock valued at $70,000 after buying an additional 482 shares during the period. Finally, Stratos Investment Management LLC lifted its holdings in Bank of New York Mellon by 2.9% in the fourth quarter. Stratos Investment Management LLC now owns 5,109 shares of the bank’s stock valued at $393,000 after acquiring an additional 142 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 1.1 %

NYSE:BK opened at $85.79 on Thursday. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $87.70. The firm has a market cap of $62.38 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a fifty day moving average price of $80.44 and a 200 day moving average price of $74.35.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.28 EPS. Sell-side 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 company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.19%. Bank of New York Mellon’s payout ratio is 32.36%.

Analyst Ratings Changes

Several research firms have issued reports on BK. Wells Fargo & Company raised their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a report on Monday, October 14th. Truist Financial upped their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Citigroup boosted their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

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.