USA Financial Formulas Sells 2,074 Shares of The Bank of New York Mellon Co. (NYSE:BK)

USA Financial Formulas decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.1% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 23,416 shares of the bank’s stock after selling 2,074 shares during the period. Bank of New York Mellon accounts for 0.3% of USA Financial Formulas’ investment portfolio, making the stock its 13th largest position. USA Financial Formulas’ holdings in Bank of New York Mellon were worth $1,799,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the stock. Moors & Cabot Inc. increased its holdings in shares of Bank of New York Mellon by 1.0% in the second quarter. Moors & Cabot Inc. now owns 34,194 shares of the bank’s stock worth $2,048,000 after purchasing an additional 353 shares during the period. Primecap Management Co. CA grew its holdings in shares of Bank of New York Mellon by 11.7% during the second quarter. Primecap Management Co. CA now owns 711,500 shares of the bank’s stock worth $42,612,000 after purchasing an additional 74,700 shares in the last quarter. Axxcess Wealth Management LLC increased its position in shares of Bank of New York Mellon by 45.4% in the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after purchasing an additional 3,389 shares during the last quarter. Argent Trust Co raised its stake in Bank of New York Mellon by 10.5% in the second quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock valued at $1,309,000 after purchasing an additional 2,072 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Bank of New York Mellon by 3.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock valued at $1,493,000 after buying an additional 897 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on BK. UBS Group upped their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley lowered their price objective on shares of Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, January 3rd. Truist Financial started coverage on shares of Bank of New York Mellon in a research note on Tuesday, January 7th. They issued a “buy” rating and a $91.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $83.57.

Bank of New York Mellon Trading Up 7.9 %

NYSE:BK opened at $81.95 on Thursday. The firm has a market capitalization of $59.58 billion, a price-to-earnings ratio of 17.82, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The business has a fifty day moving average price of $78.58 and a 200-day moving average price of $71.94. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $82.72.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. The business’s quarterly revenue was up 11.2% on a year-over-year basis. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 5.84 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.29%. Bank of New York Mellon’s payout ratio is currently 40.87%.

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.