Patton Fund Management Inc. Has $5.31 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Patton Fund Management Inc. reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 12.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 69,082 shares of the bank’s stock after selling 10,217 shares during the quarter. Patton Fund Management Inc.’s holdings in Bank of New York Mellon were worth $5,308,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC increased its stake in shares of Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after buying an additional 8,512,404 shares during the period. Wellington Management Group LLP boosted its holdings in Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Zacks Investment Management acquired a new stake in Bank of New York Mellon during the 3rd quarter valued at approximately $62,589,000. State Street Corp raised its holdings in Bank of New York Mellon by 2.0% during the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. Finally, National Bank of Canada FI lifted its position in shares of Bank of New York Mellon by 248.3% in the 3rd quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock worth $61,715,000 after purchasing an additional 612,287 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Wells Fargo & Company increased their price objective 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 report on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. UBS Group lifted their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Finally, Citigroup increased their price target 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. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $86.52 on Wednesday. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $86.69. The firm has a market capitalization of $62.90 billion, a PE ratio of 14.89, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The firm has a fifty day simple moving average of $79.85 and a two-hundred day simple moving average of $73.59. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the firm posted $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. Analysts forecast that The Bank of New York Mellon Co. will post 6.86 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced 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 2.17%. Bank of New York Mellon’s dividend payout ratio is presently 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.