Ballentine Partners LLC Trims Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Ballentine Partners LLC trimmed its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% during the 4th quarter, Holdings Channel reports. The fund owned 19,779 shares of the bank’s stock after selling 1,181 shares during the quarter. Ballentine Partners LLC’s holdings in Bank of New York Mellon were worth $1,520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. McClarren Financial Advisors Inc. grew its holdings in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after acquiring an additional 346 shares during the period. Fortitude Family Office LLC grew its holdings in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares during the period. Grove Bank & Trust grew its holdings in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after acquiring an additional 144 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Bank of New York Mellon during the third quarter worth about $46,000. Finally, Modus Advisors LLC acquired a new stake in Bank of New York Mellon during the fourth quarter worth about $49,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a report on Monday, October 14th. Morgan Stanley raised their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, January 16th. Finally, Truist Financial raised their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have given 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 a consensus target price of $88.00.

Bank of New York Mellon Stock Up 2.0 %

BK stock opened at $84.92 on Wednesday. The company has a market cap of $61.74 billion, a price-to-earnings ratio of 14.62, a PEG ratio of 0.95 and a beta of 1.08. 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 Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $85.00. The firm has a 50-day moving average of $78.96 and a two-hundred day moving average of $72.57.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion during 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 quarterly revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.28 EPS. As a group, analysts forecast that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be issued a $0.47 dividend. The ex-dividend date is Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.21%. 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.