Westpac Banking Corp Sells 5,744 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Westpac Banking Corp cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 7.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,815 shares of the bank’s stock after selling 5,744 shares during the quarter. Westpac Banking Corp’s holdings in Bank of New York Mellon were worth $5,594,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BK. Graney & King LLC bought a new position in Bank of New York Mellon during the 4th quarter worth $35,000. Centricity Wealth Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $39,000. TCTC Holdings LLC increased its position in shares of Bank of New York Mellon by 257.5% in the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after purchasing an additional 430 shares during the period. Modus Advisors LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $49,000. Finally, Friedenthal Financial bought a new stake in Bank of New York Mellon during the fourth quarter worth about $56,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on BK. Royal Bank of Canada restated a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. UBS Group boosted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Truist Financial upped their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Citigroup lifted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, Morgan Stanley dropped their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.07.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $84.33 on Thursday. The stock’s 50-day moving average is $85.33 and its 200-day moving average is $79.94. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a market cap of $60.55 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 EPS. Equities research analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.23%. Bank of New York Mellon’s payout ratio is 32.36%.

Bank of New York Mellon Profile

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.