Yacktman Asset Management LP Sells 144,402 Shares of The Bank of New York Mellon Corporation $BK

Yacktman Asset Management LP decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 26.8% in the 3rd quarter, Holdings Channel reports. The fund owned 394,729 shares of the bank’s stock after selling 144,402 shares during the quarter. Yacktman Asset Management LP’s holdings in Bank of New York Mellon were worth $43,010,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of BK. Revolve Wealth Partners LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $220,000. Sivia Capital Partners LLC raised its position in Bank of New York Mellon by 36.6% in the 2nd 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. PFG Investments LLC increased its holdings in shares of Bank of New York Mellon by 4.8% in the second quarter. PFG Investments LLC now owns 4,691 shares of the bank’s stock worth $427,000 after buying an additional 213 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Bank of New York Mellon by 4.2% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 176,853 shares of the bank’s stock worth $16,113,000 after purchasing an additional 7,191 shares during the period. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Bank of New York Mellon in the second quarter worth $249,000. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group boosted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, January 27th. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Finally, New Street Research set a $143.00 price target on Bank of New York Mellon in a report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

NYSE:BK opened at $119.84 on Monday. The business’s 50-day simple moving average is $117.20 and its two-hundred day simple moving average is $109.58. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $125.89. The stock has a market cap of $83.57 billion, a PE ratio of 16.17, a P/E/G ratio of 1.12 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data 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 13.62% and a return on equity of 14.37%. The firm had revenue of $5.07 billion for the quarter. As a group, 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.53 per share. The ex-dividend date is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.61%.

About Bank of New York Mellon

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.