The Bank of New York Mellon Corporation $BK Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,121,921 shares of the bank’s stock after acquiring an additional 78,237 shares during the quarter. Thrivent Financial for Lutherans owned about 0.16% of Bank of New York Mellon worth $122,244,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Investment Management Corp of Ontario lifted its stake in Bank of New York Mellon by 25.9% in the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after acquiring an additional 25,842 shares during the last quarter. First National Advisers LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter worth about $3,304,000. Permanent Capital Management LP bought a new stake in shares of Bank of New York Mellon during the third quarter worth $2,262,000. First Horizon Corp bought a new position in Bank of New York Mellon in the 3rd quarter valued at $22,072,000. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in Bank of New York Mellon by 36.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock valued at $236,013,000 after buying an additional 577,621 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BK. The Goldman Sachs Group lifted their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. New Street Research set a $143.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, January 14th. Citigroup lifted their price target on Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Barclays boosted their target price on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Finally, Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $119.84 on Friday. The firm’s 50 day moving average is $117.20 and its 200 day moving average is $109.48. The stock has a market capitalization of $83.57 billion, a P/E ratio of 16.17, a PEG ratio of 1.13 and a beta of 1.11. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $125.89. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81.

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

Bank of New York Mellon Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s payout ratio is 28.61%.

Bank of New York Mellon Company Profile

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.