Brandes Investment Partners LP Sells 116,585 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Brandes Investment Partners LP lowered its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,977,252 shares of the bank’s stock after selling 116,585 shares during the quarter. Bank of New York Mellon makes up approximately 1.7% of Brandes Investment Partners LP’s holdings, making the stock its 17th biggest holding. Brandes Investment Partners LP owned about 0.27% of Bank of New York Mellon worth $151,912,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in BK. Centricity Wealth Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $39,000. Modus Advisors LLC acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $49,000. Friedenthal Financial acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $56,000. Asset Dedication LLC lifted its position in Bank of New York Mellon by 342.1% during the 4th quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after purchasing an additional 585 shares during the period. Finally, Grove Bank & Trust lifted its position in Bank of New York Mellon by 21.0% during the 4th quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock valued at $60,000 after purchasing an additional 135 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK opened at $81.87 on Friday. The stock has a market capitalization of $58.78 billion, a P/E ratio of 14.09, a P/E/G ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $90.34. The company has a 50 day moving average of $84.30 and a 200-day moving average of $78.40. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the business earned $1.28 earnings per share. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.30%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analyst Ratings Changes

BK has been the topic of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $88.71.

About Bank of New York Mellon

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.