Garland Capital Management Inc. Sells 14,370 Shares of The Bank of New York Mellon Corporation $BK

Garland Capital Management Inc. cut its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 72.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,425 shares of the bank’s stock after selling 14,370 shares during the period. Bank of New York Mellon makes up approximately 8.1% of Garland Capital Management Inc.’s holdings, making the stock its 2nd biggest position. Garland Capital Management Inc.’s holdings in Bank of New York Mellon were worth $591,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $220,000. Sivia Capital Partners LLC raised its position in shares of Bank of New York Mellon by 36.6% during the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock worth $309,000 after purchasing an additional 909 shares during the period. DAVENPORT & Co LLC lifted its holdings in shares of Bank of New York Mellon by 3.6% during the second quarter. DAVENPORT & Co LLC now owns 10,281 shares of the bank’s stock valued at $937,000 after purchasing an additional 353 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $192,000. Finally, Ignite Planners LLC purchased a new position in Bank of New York Mellon in the 2nd quarter worth about $240,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 3.2%

NYSE:BK opened at $124.42 on Friday. The company has a market capitalization of $86.76 billion, a P/E ratio of 16.79, a P/E/G ratio of 1.13 and a beta of 1.10. The stock’s 50 day moving average price is $118.30 and its 200 day moving average price is $110.22. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 0.71. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $125.89.

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

Bank of New York Mellon Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have commented on BK shares. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. New Street Research set a $143.00 price objective on shares of Bank of New York Mellon in a research report on Wednesday, January 14th. Royal Bank Of Canada increased their target price on 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. Finally, Citigroup raised their target price on Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $131.92.

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.