Thrivent Financial for Lutherans Trims Position in The Bank of New York Mellon Co. (NYSE:BK)

Thrivent Financial for Lutherans lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 9.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,075,707 shares of the bank’s stock after selling 109,654 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Bank of New York Mellon were worth $82,663,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Mystic Asset Management Inc. purchased a new position in Bank of New York Mellon in the 4th quarter worth about $268,000. Axxcess Wealth Management LLC increased its stake in Bank of New York Mellon by 69.9% in the 4th quarter. Axxcess Wealth Management LLC now owns 18,436 shares of the bank’s stock worth $1,416,000 after buying an additional 7,584 shares during the period. Tocqueville Asset Management L.P. increased its stake in Bank of New York Mellon by 36.3% in the 4th quarter. Tocqueville Asset Management L.P. now owns 19,498 shares of the bank’s stock worth $1,498,000 after buying an additional 5,190 shares during the period. TCTC Holdings LLC increased its position in Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after purchasing an additional 430 shares during the period. Finally, Parallel Advisors LLC increased its position in Bank of New York Mellon by 3.0% during the 4th quarter. Parallel Advisors LLC now owns 12,450 shares of the bank’s stock valued at $957,000 after purchasing an additional 363 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on BK shares. Royal Bank of Canada reissued a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday. Barclays raised their target price on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. UBS Group raised their target price 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. Bank of America raised their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley raised their target price on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $89.50.

Bank of New York Mellon Trading Up 0.2 %

NYSE BK opened at $82.62 on Wednesday. The firm has a market cap of $59.32 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The company has a 50 day moving average price of $84.48 and a 200 day moving average price of $78.76.

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

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given 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 dividend payout ratio is presently 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.