Azimuth Capital Investment Management LLC Decreases Stock Position in The Bank of New York Mellon Corporation $BK

Azimuth Capital Investment Management LLC lowered its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 400,707 shares of the bank’s stock after selling 6,905 shares during the quarter. Bank of New York Mellon accounts for 1.6% of Azimuth Capital Investment Management LLC’s investment portfolio, making the stock its 8th biggest position. Azimuth Capital Investment Management LLC owned 0.06% of Bank of New York Mellon worth $43,661,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Valeo Financial Advisors LLC raised its position in Bank of New York Mellon by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank’s stock valued at $821,000 after purchasing an additional 94 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Bank of New York Mellon by 0.4% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock worth $2,697,000 after purchasing an additional 96 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. boosted its holdings in shares of Bank of New York Mellon by 1.9% in the 3rd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank’s stock worth $566,000 after purchasing an additional 98 shares in the last quarter. Angeles Wealth Management LLC increased its position in shares of Bank of New York Mellon by 2.6% during the 3rd quarter. Angeles Wealth Management LLC now owns 3,798 shares of the bank’s stock valued at $414,000 after purchasing an additional 98 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in shares of Bank of New York Mellon by 13.7% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock valued at $75,000 after buying an additional 100 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Morgan Stanley boosted their target price on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. Finally, Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their target price for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $116.18 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a market cap of $79.96 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.08 and a beta of 1.10. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $128.76. The firm has a 50-day moving average of $119.65 and a 200-day moving average of $113.22.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The company had revenue of $5.07 billion for the quarter. Sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

Bank of New York Mellon 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.