The Bank of New York Mellon Corporation $BK Stake Reduced by Kane Investment Management Inc.

Kane Investment Management Inc. trimmed its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 16.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,710 shares of the bank’s stock after selling 1,090 shares during the quarter. Kane Investment Management Inc.’s holdings in Bank of New York Mellon were worth $520,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Westside Investment Management Inc. boosted its stake in Bank of New York Mellon by 78.9% during the 2nd 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. bought a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $32,000. Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $32,000. GFG Capital LLC bought a new position in Bank of New York Mellon in the 2nd quarter worth approximately $36,000. Finally, McClarren Financial Advisors Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $34,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE BK opened at $110.60 on Friday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $113.74. The business’s fifty day moving average is $107.70 and its two-hundred day moving average is $98.99. The stock has a market capitalization of $77.13 billion, a P/E ratio of 15.96, a P/E/G 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.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) 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. On average, research 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 company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BK. Truist Financial increased their price target on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Barclays increased their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, TD Cowen boosted their target price on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a report on Monday, October 20th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon 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.