Retirement Systems of Alabama Trims Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Retirement Systems of Alabama decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 157,420 shares of the bank’s stock after selling 5,105 shares during the period. Retirement Systems of Alabama’s holdings in Bank of New York Mellon were worth $12,095,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. McClarren Financial Advisors Inc. increased its position in shares of 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 valued at $29,000 after acquiring an additional 346 shares during the last quarter. Fortitude Family Office LLC increased its holdings in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Grove Bank & Trust increased its holdings in Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in Bank of New York Mellon during the third quarter worth $46,000. Finally, Modus Advisors LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth $49,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Down 0.3 %

BK opened at $86.15 on Friday. The business’s 50-day simple moving average is $80.61 and its 200-day simple moving average is $74.51. The company has a market cap of $62.64 billion, a P/E ratio of 14.83, a PEG ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $87.70. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

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 for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter last year, the company earned $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. As a group, equities research analysts expect that The Bank of New York Mellon Co. will post 6.86 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.18%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analysts Set New Price Targets

BK has been the topic of several research reports. Morgan Stanley increased their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Truist Financial raised their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a research report on Monday, October 14th. Finally, Evercore ISI upped 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 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, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

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.