Geode Capital Management LLC Sells 40,443 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Geode Capital Management LLC lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,673,564 shares of the bank’s stock after selling 40,443 shares during the period. Geode Capital Management LLC’s holdings in Bank of New York Mellon were worth $1,355,930,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of BK. D.A. Davidson & CO. boosted its stake in Bank of New York Mellon by 3.3% during the 3rd quarter. D.A. Davidson & CO. now owns 7,299 shares of the bank’s stock worth $525,000 after acquiring an additional 231 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in Bank of New York Mellon by 0.9% in the third quarter. Rockefeller Capital Management L.P. now owns 29,519 shares of the bank’s stock worth $2,118,000 after purchasing an additional 250 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Bank of New York Mellon by 583.0% during the third quarter. Benjamin Edwards Inc. now owns 10,306 shares of the bank’s stock worth $741,000 after purchasing an additional 8,797 shares in the last quarter. Ascent Group LLC grew its holdings in shares of Bank of New York Mellon by 81.3% in the 3rd quarter. Ascent Group LLC now owns 12,666 shares of the bank’s stock valued at $910,000 after buying an additional 5,680 shares during the period. Finally, Cinctive Capital Management LP bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at $1,786,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE:BK opened at $83.74 on Wednesday. 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 market cap of $60.12 billion, a P/E ratio of 14.41, 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 quick ratio of 0.70 and a current ratio of 0.69. The stock’s 50-day simple moving average is $85.33 and its 200 day simple moving average is $79.90.

Bank of New York Mellon (NYSE:BK) last posted its quarterly 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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm earned $1.28 EPS. The business’s quarterly revenue was up 11.2% on a year-over-year basis. 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 company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group lifted their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Barclays boosted their price objective on 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. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Evercore ISI raised their price objective on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $90.00.

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.