Miller Howard Investments Inc. NY Lowers Position in The Bank of New York Mellon Corporation $BK

Miller Howard Investments Inc. NY trimmed its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 23.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 603,911 shares of the bank’s stock after selling 182,952 shares during the quarter. Bank of New York Mellon makes up about 2.0% of Miller Howard Investments Inc. NY’s portfolio, making the stock its 15th biggest holding. Miller Howard Investments Inc. NY owned 0.09% of Bank of New York Mellon worth $65,802,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at $220,000. Caxton Associates LLP acquired a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $348,000. Woodline Partners LP increased its stake in shares of Bank of New York Mellon by 38.9% in the 1st quarter. Woodline Partners LP now owns 60,633 shares of the bank’s stock valued at $5,085,000 after purchasing an additional 16,969 shares in the last quarter. Focus Partners Wealth raised its holdings in Bank of New York Mellon by 3.2% in the 1st quarter. Focus Partners Wealth now owns 34,424 shares of the bank’s stock worth $2,887,000 after purchasing an additional 1,075 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Bank of New York Mellon by 11.5% during the first quarter. Geneos Wealth Management Inc. now owns 10,690 shares of the bank’s stock worth $897,000 after purchasing an additional 1,101 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $119.03 on Friday. The stock has a market capitalization of $83.01 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 0.92 and a beta of 1.11. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $122.36. The firm has a 50-day simple moving average of $113.67 and a 200-day simple moving average of $106.51. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The company had revenue of $5.07 billion during the quarter. On average, equities analysts predict 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s payout ratio is 30.59%.

Wall Street Analysts Forecast Growth

Several analysts have commented on BK shares. Morgan Stanley raised their price objective on Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. Barclays boosted their price target on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective on the stock. TD Cowen boosted their target price on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group raised their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.43.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.