Primecap Management Co. CA Reduces Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Primecap Management Co. CA reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 706,900 shares of the bank’s stock after selling 13,000 shares during the quarter. Primecap Management Co. CA’s holdings in Bank of New York Mellon were worth $54,311,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of BK. Empowered Funds LLC raised its holdings in shares of Bank of New York Mellon by 9.2% during the 3rd quarter. Empowered Funds LLC now owns 13,760 shares of the bank’s stock valued at $989,000 after buying an additional 1,162 shares during the period. Claro Advisors LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter worth approximately $299,000. Drive Wealth Management LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter worth approximately $244,000. Caprock Group LLC purchased a new stake in Bank of New York Mellon during the 3rd quarter worth approximately $2,963,000. Finally, Meeder Asset Management Inc. increased its holdings in Bank of New York Mellon by 27.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 285,307 shares of the bank’s stock worth $20,502,000 after purchasing an additional 60,579 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Trading Up 0.2 %

NYSE:BK opened at $82.62 on Wednesday. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $90.34. The firm has a market capitalization of $59.32 billion, a P/E ratio of 14.22, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The business has a 50 day simple moving average of $84.48 and a 200 day simple moving average of $78.76.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. Equities research analysts predict that The Bank of New York Mellon Co. 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 Friday, February 7th. Shareholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 32.36%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BK. Truist Financial lifted their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Evercore ISI lifted their price objective on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. Wolfe Research downgraded Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Barclays lifted their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company lifted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $89.50.

Bank of New York Mellon Company 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.