Fayez Sarofim & Co Lowers Position in The Bank of New York Mellon Corporation $BK

Fayez Sarofim & Co trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 9.9% in the second quarter, Holdings Channel reports. The firm owned 2,179,490 shares of the bank’s stock after selling 240,000 shares during the period. Fayez Sarofim & Co’s holdings in Bank of New York Mellon were worth $198,573,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BK. Daiwa Securities Group Inc. raised its stake in shares of Bank of New York Mellon by 5.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 107,344 shares of the bank’s stock valued at $9,780,000 after acquiring an additional 5,668 shares during the period. Certuity LLC increased its holdings in Bank of New York Mellon by 1.0% in the 2nd quarter. Certuity LLC now owns 11,081 shares of the bank’s stock valued at $1,010,000 after purchasing an additional 105 shares during the last quarter. CoreFirst Bank & Trust purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $94,000. L2 Asset Management LLC raised its position in Bank of New York Mellon by 4.0% in the second quarter. L2 Asset Management LLC now owns 3,224 shares of the bank’s stock valued at $294,000 after purchasing an additional 125 shares during the period. Finally, WINTON GROUP Ltd acquired a new position in Bank of New York Mellon during the second quarter worth $1,612,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 0.2%

Bank of New York Mellon stock opened at $114.27 on Tuesday. The stock’s fifty day moving average is $108.72 and its two-hundred day moving average is $101.95. The stock has a market cap of $79.68 billion, a PE ratio of 16.49, a P/E/G ratio of 1.03 and a beta of 1.12. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $114.99. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 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 $4.38 billion for the quarter. On average, sell-side 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 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Analysts Set New Price Targets

BK has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of New York Mellon in a research note on Monday, December 1st. Truist Financial boosted their price target on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.29.

About Bank of New York Mellon

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.