Principal Financial Group Inc. Decreases Stake in The Bank of New York Mellon Corporation $BK

Principal Financial Group Inc. lessened its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 782,577 shares of the bank’s stock after selling 22,810 shares during the period. Principal Financial Group Inc.’s holdings in Bank of New York Mellon were worth $85,270,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Bank of New York Mellon by 0.7% in the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock worth $6,477,206,000 after buying an additional 517,081 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 4.3% in 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 purchasing an additional 785,478 shares in the last quarter. Artisan Partners Limited Partnership grew its position in Bank of New York Mellon by 0.9% in the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock worth $1,439,831,000 after acquiring an additional 139,544 shares in the last quarter. Norges Bank purchased a new stake in Bank of New York Mellon during the second quarter valued at approximately $1,081,847,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Bank of New York Mellon by 36.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after acquiring an additional 577,621 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

BK has been the topic of several analyst reports. Barclays upped their price target on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, January 5th. TD Cowen raised their target price on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Morgan Stanley lifted their price objective on Bank of New York Mellon from $124.00 to $132.00 and gave the company an “overweight” rating in a report on Wednesday, January 14th. New Street Research set a $143.00 target price on Bank of New York Mellon in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada raised their price target on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Price Performance

Shares of BK opened at $121.62 on Tuesday. The company has a market capitalization of $84.81 billion, a P/E ratio of 16.41, a P/E/G ratio of 1.12 and a beta of 1.10. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $125.89. The business’s 50-day moving average is $117.47 and its two-hundred day moving average is $109.75. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The company had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. Research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Bank of New York Mellon 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.