Boston Common Asset Management LLC Trims Stock Position in The Bank of New York Mellon Corporation $BK

Boston Common Asset Management LLC trimmed its position in The Bank of New York Mellon Corporation (NYSE:BK) by 4.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,263 shares of the bank’s stock after selling 4,623 shares during the quarter. Boston Common Asset Management LLC’s holdings in Bank of New York Mellon were worth $11,905,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Westside Investment Management Inc. lifted its holdings in Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after acquiring an additional 127 shares during the last quarter. GFG Capital LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $36,000. Caldwell Trust Co acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $36,000. Princeton Global Asset Management LLC lifted its stake in shares of Bank of New York Mellon by 89.0% in the 2nd quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock valued at $41,000 after purchasing an additional 210 shares during the last quarter. Finally, Quaker Wealth Management LLC grew its holdings in shares of Bank of New York Mellon by 198.9% during the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock worth $41,000 after purchasing an additional 905 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on BK. The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Citigroup upped their price objective on shares of Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. Royal Bank Of Canada boosted 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 research report on Wednesday, January 14th. Finally, Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $119.70 on Thursday. 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 firm has a market cap of $83.47 billion, a PE ratio of 16.15, a price-to-earnings-growth ratio of 1.13 and a beta of 1.11. The company’s 50 day moving average is $115.61 and its two-hundred day moving average is $108.23.

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

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be paid a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, January 23rd. 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.