HighTower Advisors LLC Sells 15,367 Shares of The Bank of New York Mellon Corporation $BK

HighTower Advisors LLC lowered its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 369,748 shares of the bank’s stock after selling 15,367 shares during the period. HighTower Advisors LLC’s holdings in Bank of New York Mellon were worth $40,287,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ashton Thomas Private Wealth LLC increased its holdings in Bank of New York Mellon by 133.2% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock worth $9,998,000 after buying an additional 52,412 shares during the period. Jones Financial Companies Lllp lifted its stake in Bank of New York Mellon by 35.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after acquiring an additional 8,277 shares during the period. Investment Management Corp of Ontario boosted its holdings in shares of Bank of New York Mellon by 25.9% in the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after acquiring an additional 25,842 shares during the last quarter. First National Advisers LLC acquired a new stake in shares of Bank of New York Mellon in the third quarter worth $3,304,000. Finally, First Horizon Corp purchased a new position in shares of Bank of New York Mellon during the third quarter worth $22,072,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the topic of several analyst reports. Morgan Stanley increased their price target 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. Wells Fargo & Company upped their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 14th. New Street Research set a $143.00 price target on Bank of New York Mellon in a research report on Wednesday, January 14th. Barclays boosted their price target on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Finally, Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Trading Up 0.9%

Shares of BK stock opened at $118.82 on Wednesday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $128.76. The company has a market cap of $82.86 billion, a price-to-earnings ratio of 16.04, a PEG ratio of 1.10 and a beta of 1.10. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The stock has a 50 day simple moving average of $119.29 and a 200-day simple moving average of $111.35.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The firm had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. On average, equities research 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 Thursday, February 5th. Investors of record on Friday, January 23rd were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend 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 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.