State of Michigan Retirement System Lowers Position in The Bank of New York Mellon Co. (NYSE:BK)

State of Michigan Retirement System trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,655 shares of the bank’s stock after selling 5,800 shares during the quarter. State of Michigan Retirement System’s holdings in Bank of New York Mellon were worth $16,031,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Centricity Wealth Management LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at $39,000. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter worth about $46,000. Modus Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $49,000. Friedenthal Financial purchased a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $56,000. Finally, Asset Dedication LLC raised its holdings in Bank of New York Mellon by 342.1% in the 4th quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock worth $58,000 after purchasing an additional 585 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

BK stock opened at $85.56 on Wednesday. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The firm has a market capitalization of $61.29 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The business has a 50 day simple moving average of $83.39 and a 200-day simple moving average of $77.60.

Bank of New York Mellon (NYSE:BK) last issued its earnings results 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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the business earned $1.28 EPS. The firm’s quarterly revenue was up 11.2% on a year-over-year basis. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 32.36%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Barclays raised their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Citigroup lifted 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. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. UBS Group increased their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Bank of America boosted 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 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $88.71.

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.