Brandes Investment Partners LP Sells 116,585 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Brandes Investment Partners LP trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% in the fourth quarter, HoldingsChannel reports. The firm owned 1,977,252 shares of the bank’s stock after selling 116,585 shares during the quarter. Bank of New York Mellon accounts for about 1.7% of Brandes Investment Partners LP’s holdings, making the stock its 17th largest holding. Brandes Investment Partners LP’s holdings in Bank of New York Mellon were worth $151,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. FMR LLC lifted its holdings in shares of Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after buying an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $90,955,000. Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon during the third quarter worth $62,589,000. Finally, State Street Corp lifted its holdings in shares of Bank of New York Mellon by 2.0% during the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after buying an additional 659,096 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 2.8 %

Shares of BK opened at $81.87 on Friday. The company has a market capitalization of $58.78 billion, a PE ratio of 14.09, a PEG ratio of 0.97 and a beta of 1.06. The stock’s 50-day moving average price is $84.30 and its two-hundred day moving average price is $78.40. 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 Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 earnings per share. On average, analysts anticipate 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 firm also recently announced 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. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. Bank of New York Mellon’s payout ratio is 32.36%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Barclays boosted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Evercore ISI upped their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.