Pinnacle Associates Ltd. Decreases Stock Holdings in The Bank of New York Mellon Corporation $BK

Pinnacle Associates Ltd. reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.5% in the second quarter, HoldingsChannel reports. The firm owned 60,767 shares of the bank’s stock after selling 2,846 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank of New York Mellon were worth $5,536,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $32,000. Orion Capital Management LLC purchased a new stake in shares of Bank of New York Mellon during the 1st quarter worth $32,000. Cornerstone Planning Group LLC lifted its stake in shares of Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares during the last quarter. GFG Capital LLC purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth $36,000. Finally, McClarren Financial Advisors Inc. acquired a new position in Bank of New York Mellon during the 1st quarter valued at about $34,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Citigroup upped their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. The Goldman Sachs Group upped their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Evercore ISI upped their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Wells Fargo & Company upped their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Finally, Morgan Stanley upped their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Stock Up 0.1%

Shares of BK stock opened at $107.99 on Friday. The stock’s 50-day simple moving average is $106.69 and its 200-day simple moving average is $96.84. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The firm has a market capitalization of $76.16 billion, a PE ratio of 15.58, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The business had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a $0.53 dividend. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

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.