The Bank of New York Mellon Co. (NYSE:BK) Position Lessened by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. decreased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 11.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,023 shares of the bank’s stock after selling 1,593 shares during the period. First Citizens Bank & Trust Co.’s holdings in Bank of New York Mellon were worth $924,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BK. Studio Investment Management LLC raised its position in shares of Bank of New York Mellon by 2.1% during the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after purchasing an additional 134 shares during the period. Stanley Laman Group Ltd. raised its position in shares of Bank of New York Mellon by 2.2% during the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank’s stock worth $445,000 after purchasing an additional 135 shares during the period. Grove Bank & Trust raised its position in shares of Bank of New York Mellon by 21.0% during the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after purchasing an additional 135 shares during the period. Avidian Wealth Enterprises LLC raised its position in shares of Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after purchasing an additional 137 shares during the period. Finally, Frank Rimerman Advisors LLC raised its position in shares of Bank of New York Mellon by 1.1% during the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank’s stock worth $928,000 after purchasing an additional 142 shares during the period. Institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BK. Morgan Stanley lifted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods lifted their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Finally, UBS Group lifted their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Stock Performance

BK opened at $85.85 on Tuesday. The company has a market cap of $62.42 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 0.96 and a beta of 1.08. The stock has a 50-day moving average of $79.53 and a 200-day moving average of $73.27. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $86.34. 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 results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.28 EPS. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be paid a dividend of $0.47 per share. The ex-dividend date is Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

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.