Legal & General Group Plc Sells 517,533 Shares of The Bank of New York Mellon Corporation $BK

Legal & General Group Plc trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK) by 8.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,727,964 shares of the bank’s stock after selling 517,533 shares during the quarter. Legal & General Group Plc’s holdings in Bank of New York Mellon were worth $521,875,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Westside Investment Management Inc. raised its holdings in shares of 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 worth $26,000 after buying an additional 127 shares in the last quarter. Orion Capital Management LLC bought a new position in Bank of New York Mellon in the first quarter valued at about $32,000. Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon during the second quarter valued at about $32,000. McClarren Financial Advisors Inc. acquired a new position in shares of Bank of New York Mellon in the first quarter valued at approximately $34,000. Finally, GFG Capital LLC bought a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $36,000. 85.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BK shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a report on Wednesday. TD Cowen upped their target price on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Citigroup raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Finally, Evercore ISI increased their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Ten investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from 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

BK stock opened at $106.54 on Friday. 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 business has a 50-day simple moving average of $107.91 and a two-hundred day simple moving average of $99.89. The company has a market capitalization of $74.30 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $113.74.

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

Bank of New York Mellon Announces Dividend

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

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.