USA Financial Formulas Sells 2,074 Shares of The Bank of New York Mellon Co. (NYSE:BK)

USA Financial Formulas lessened its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,416 shares of the bank’s stock after selling 2,074 shares during the quarter. Bank of New York Mellon comprises 0.3% of USA Financial Formulas’ portfolio, making the stock its 13th biggest holding. USA Financial Formulas’ holdings in Bank of New York Mellon were worth $1,799,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC increased its stake in Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Wellington Management Group LLP grew its stake in Bank of New York Mellon by 2,707.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Bank of New York Mellon by 99.4% during the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after acquiring an additional 1,311,969 shares in the last quarter. Zacks Investment Management bought a new position in Bank of New York Mellon during the 3rd quarter worth about $62,589,000. Finally, State Street Corp raised its holdings in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of BK opened at $81.95 on Thursday. The company’s 50 day moving average price is $78.58 and its 200 day moving average price is $71.94. The company has a market capitalization of $59.58 billion, a PE ratio of 17.82, a PEG ratio of 0.91 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $82.72. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm posted $1.28 earnings per share. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. Research analysts expect that The Bank of New York Mellon Co. will post 5.84 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.29%. Bank of New York Mellon’s payout ratio is 40.87%.

Analyst Upgrades and Downgrades

BK has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research note on Monday, October 14th. Evercore ISI raised their target price on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Morgan Stanley dropped their target price on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. upped their target price on shares of Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, October 7th. Finally, Citigroup upped their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $83.57.

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.