QRG Capital Management Inc. Sells 275,564 Shares of The Bank of New York Mellon Corporation $BK

QRG Capital Management Inc. decreased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 60.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 183,702 shares of the bank’s stock after selling 275,564 shares during the period. QRG Capital Management Inc.’s holdings in Bank of New York Mellon were worth $20,016,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Bank of New York Mellon by 0.7% in the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock valued at $6,477,206,000 after purchasing an additional 517,081 shares in the last quarter. Geode Capital Management LLC raised its position in Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares during the last quarter. Artisan Partners Limited Partnership boosted its position in Bank of New York Mellon by 0.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after acquiring an additional 139,544 shares during the last quarter. Norges Bank acquired a new position in Bank of New York Mellon during the 2nd quarter worth approximately $1,081,847,000. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Bank of New York Mellon by 36.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock valued at $236,013,000 after purchasing an additional 577,621 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

BK has been the subject of a number of analyst reports. Royal Bank Of Canada raised their target price on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Barclays boosted their price objective on 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. Finally, New Street Research set a $143.00 price target on Bank of New York Mellon in a report on Wednesday. Nine analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $129.00.

Bank of New York Mellon Trading Down 2.1%

Shares of BK stock opened at $121.34 on Friday. The stock has a 50 day simple moving average of $115.07 and a 200 day simple moving average of $107.51. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $125.89. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The stock has a market cap of $84.62 billion, a P/E ratio of 16.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The firm had revenue of $5.07 billion during the quarter. On average, research 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 announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be given a $0.53 dividend. The ex-dividend date is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.7%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

About Bank of New York Mellon

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.