Commonwealth Equity Services LLC Lowers Stock Holdings in The Bank of New York Mellon Corporation $BK

Commonwealth Equity Services LLC lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 8.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 163,909 shares of the bank’s stock after selling 15,848 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Bank of New York Mellon were worth $17,860,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $1,081,847,000. Qube Research & Technologies Ltd purchased a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $135,728,000. Geode Capital Management LLC raised its position in shares of Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Bank of New York Mellon in the second quarter worth $61,851,000. Finally, Bank of Nova Scotia boosted its position in shares of Bank of New York Mellon by 698.6% during the second quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock worth $59,325,000 after acquiring an additional 569,602 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 0.8%

Shares of BK opened at $119.03 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $122.36. The company has a market cap of $83.01 billion, a PE ratio of 17.18, a P/E/G ratio of 0.93 and a beta of 1.11. The business has a fifty day moving average of $113.67 and a 200 day moving average of $106.40.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $5.07 billion during the quarter. On average, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

Analyst Ratings Changes

A number of brokerages have issued reports on BK. Wells Fargo & Company lifted their price target on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. TD Cowen lifted their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $118.00 to $124.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 17th. Finally, The Goldman Sachs Group upped their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.43.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.