Morningstar Investment Services LLC Decreases Position in The Bank of New York Mellon Co. (NYSE:BK)

Posted by Mitch Edgeman on May 26th, 2023

Morningstar Investment Services LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 1.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 637,950 shares of the bank’s stock after selling 9,581 shares during the quarter. Morningstar Investment Services LLC owned approximately 0.08% of Bank of New York Mellon worth $30,075,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of BK. Brown Brothers Harriman & Co. lifted its stake in Bank of New York Mellon by 97.1% in the 1st quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after purchasing an additional 300 shares in the last quarter. Exos TFP Holdings LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $32,000. MV Capital Management Inc. increased its holdings in shares of Bank of New York Mellon by 38.3% during the 4th quarter. MV Capital Management Inc. now owns 747 shares of the bank’s stock worth $34,000 after buying an additional 207 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Bank of New York Mellon by 238.6% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the bank’s stock worth $36,000 after buying an additional 668 shares during the last quarter. Finally, Glass Jacobson Investment Advisors llc acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $36,000. 82.29% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 1.4 %

Shares of Bank of New York Mellon stock traded up $0.56 during trading on Friday, hitting $40.94. 1,262,228 shares of the stock were exchanged, compared to its average volume of 5,655,826. The stock has a market cap of $32.31 billion, a price-to-earnings ratio of 12.78, a price-to-earnings-growth ratio of 1.07 and a beta of 1.07. The firm’s 50-day moving average price is $43.01 and its 200 day moving average price is $45.83. The Bank of New York Mellon Co. has a 12-month low of $36.22 and a 12-month high of $52.26. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK – Get Rating) last released its quarterly earnings data on Tuesday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.03. The business had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Bank of New York Mellon had a net margin of 11.98% and a return on equity of 11.45%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.86 EPS. As a group, analysts forecast that The Bank of New York Mellon Co. will post 4.73 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 11th. Shareholders of record on Friday, April 28th were given a dividend of $0.37 per share. The ex-dividend date of this dividend was Thursday, April 27th. This represents a $1.48 annualized dividend and a yield of 3.62%. Bank of New York Mellon’s payout ratio is currently 46.84%.

Analyst Ratings Changes

BK has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Bank of New York Mellon in a report on Thursday, May 18th. They set a “hold” rating for the company. Wells Fargo & Company dropped their target price on shares of Bank of New York Mellon from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Wednesday, April 19th. Barclays dropped their target price on shares of Bank of New York Mellon from $64.00 to $62.00 in a report on Wednesday, April 12th. Royal Bank of Canada lifted their target price on shares of Bank of New York Mellon from $44.00 to $49.00 and gave the company a “sector perform” rating in a report on Wednesday, April 19th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Bank of New York Mellon from $42.00 to $41.00 in a report on Wednesday, April 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.61.

Bank of New York Mellon Company Profile

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The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.