Illinois Municipal Retirement Fund Has $22.87 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Illinois Municipal Retirement Fund trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 9.5% during the fourth quarter, Holdings Channel reports. The firm owned 297,711 shares of the bank’s stock after selling 31,101 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Bank of New York Mellon were worth $22,873,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Centricity Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $39,000. Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the period. Modus Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $49,000. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon in the 3rd quarter valued at about $46,000. Finally, Friedenthal Financial acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $56,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Deutsche Bank Aktiengesellschaft boosted their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Barclays boosted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Evercore ISI boosted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Citigroup boosted their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Wells Fargo & Company upped their target price on shares of 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. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $87.97 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $63.96 billion, a PE ratio of 15.14, a P/E/G ratio of 0.97 and a beta of 1.08. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $89.44. The company has a 50-day moving average price of $82.21 and a two-hundred day moving average price of $76.64.

Bank of New York Mellon (NYSE:BK) last issued its 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 firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the business earned $1.28 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Bank of New York Mellon 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.