LSV Asset Management Sells 590,063 Shares of The Bank of New York Mellon Corporation $BK

LSV Asset Management cut its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 9.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,669,038 shares of the bank’s stock after selling 590,063 shares during the period. Bank of New York Mellon accounts for about 1.4% of LSV Asset Management’s holdings, making the stock its 3rd biggest position. LSV Asset Management’s holdings in Bank of New York Mellon were worth $617,698,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BK. Valeo Financial Advisors LLC lifted 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 worth $821,000 after buying an additional 94 shares during the period. Ferguson Wellman Capital Management Inc. increased its stake in shares of Bank of New York Mellon by 0.4% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock valued at $2,697,000 after acquiring an additional 96 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. lifted its holdings in shares of Bank of New York Mellon by 1.9% during 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 acquiring an additional 98 shares during the period. Tiemann Investment Advisors LLC boosted its position in shares of Bank of New York Mellon by 2.9% in the second quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank’s stock worth $318,000 after acquiring an additional 100 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its holdings in Bank of New York Mellon by 13.7% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock valued at $75,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Royal Bank Of Canada upped their price objective on Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a report on Wednesday, January 14th. Barclays upped their price target on Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. 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 report on Wednesday, January 14th. Finally, TD Cowen raised their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Stock Down 3.8%

NYSE BK opened at $121.67 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $128.76. The business has a 50 day moving average price of $119.07 and a two-hundred day moving average price of $110.83. The stock has a market cap of $84.85 billion, a PE ratio of 16.42, a P/E/G ratio of 1.18 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last announced 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 net margin of 13.62% and a return on equity of 14.37%. The business had revenue of $5.07 billion during the quarter. As a group, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were paid a $0.53 dividend. The ex-dividend date was Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.7%. Bank of New York Mellon’s payout ratio is 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.