Yacktman Asset Management LP Lowers Stake in The Bank of New York Mellon Corporation $BK

Yacktman Asset Management LP reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 6.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 539,131 shares of the bank’s stock after selling 34,737 shares during the quarter. Yacktman Asset Management LP owned approximately 0.08% of Bank of New York Mellon worth $49,120,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Westside Investment Management Inc. boosted its stake in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the period. Hoey Investments Inc. purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at $32,000. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the first quarter valued at about $32,000. Cornerstone Planning Group LLC raised its holdings in shares of Bank of New York Mellon by 100.0% in the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock valued at $30,000 after acquiring an additional 196 shares in the last quarter. Finally, GFG Capital LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at about $36,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the subject of several recent research reports. BMO Capital Markets initiated coverage on Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. TD Cowen lifted their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a report on Monday, October 20th. Citigroup boosted their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. The Goldman Sachs Group boosted their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $108.70 on Thursday. 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. The firm has a market capitalization of $75.80 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 0.98 and a beta of 1.13. 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 stock’s 50-day simple moving average is $106.93 and its 200-day simple moving average is $97.52.

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

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be paid a dividend of $0.53 per share. The ex-dividend date 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 payout ratio is presently 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.