The Bank of New York Mellon Corporation $BK Shares Sold by First Eagle Investment Management LLC

First Eagle Investment Management LLC lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 17.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,304,933 shares of the bank’s stock after selling 2,247,431 shares during the quarter. Bank of New York Mellon comprises about 2.0% of First Eagle Investment Management LLC’s holdings, making the stock its 16th largest position. First Eagle Investment Management LLC owned 1.48% of Bank of New York Mellon worth $1,122,825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in Bank of New York Mellon during the second quarter worth approximately $1,081,847,000. Qube Research & Technologies Ltd purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $135,728,000. Geode Capital Management LLC increased its holdings in shares of Bank of New York Mellon by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock worth $1,717,074,000 after buying an additional 785,478 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Bank of New York Mellon by 36.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after buying an additional 577,621 shares during the period. Finally, Bank of Nova Scotia boosted its holdings in Bank of New York Mellon by 698.6% in the second quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock valued at $59,325,000 after acquiring an additional 569,602 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on BK. TD Cowen upped their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Citigroup assumed coverage on shares of Bank of New York Mellon in a research report on Monday, February 23rd. They issued a “neutral” rating for the company. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. New Street Research set a $143.00 price target on Bank of New York Mellon in a report on Wednesday, January 14th. Finally, Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Price Performance

BK stock opened at $119.57 on Tuesday. The company has a market capitalization of $82.14 billion, a PE ratio of 16.14, a P/E/G ratio of 1.11 and a beta of 1.10. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average is $119.72 and its two-hundred day moving average is $112.38. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $128.76.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 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.