Yacktman Asset Management LP Lowers Stake in The Bank of New York Mellon Co. (NYSE:BK)

Yacktman Asset Management LP cut its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 55.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 1,213,624 shares of the bank’s stock after selling 1,533,754 shares during the period. Yacktman Asset Management LP’s holdings in Bank of New York Mellon were worth $93,243,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of BK. McClarren Financial Advisors Inc. increased its position in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after purchasing an additional 346 shares in the last quarter. Fortitude Family Office LLC increased its position in shares of Bank of New York Mellon by 130.6% in the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares in the last quarter. Grove Bank & Trust raised its stake in shares of Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of Bank of New York Mellon during the 3rd quarter valued at $46,000. Finally, Modus Advisors LLC purchased a new stake in Bank of New York Mellon during the 4th quarter worth $49,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Down 1.4 %

NYSE:BK opened at $84.99 on Tuesday. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $87.70. 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 company has a market cap of $61.79 billion, a PE ratio of 14.63, a P/E/G ratio of 0.98 and a beta of 1.08. The business’s 50 day moving average is $80.70 and its two-hundred day moving average is $74.83.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 earnings per share. On average, analysts predict that The Bank of New York Mellon Co. will post 6.89 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. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BK. 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 research note on Monday, November 25th. Morgan Stanley boosted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Evercore ISI increased their price objective on shares of 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. Royal Bank of Canada reissued a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Truist Financial lifted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Company 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.