Garland Capital Management Inc. Sells 14,370 Shares of The Bank of New York Mellon Corporation $BK

Garland Capital Management Inc. reduced its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 72.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,425 shares of the bank’s stock after selling 14,370 shares during the quarter. Bank of New York Mellon accounts for about 8.1% of Garland Capital Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Garland Capital Management Inc.’s holdings in Bank of New York Mellon were worth $591,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in BK. Revolve Wealth Partners LLC acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $220,000. Sivia Capital Partners LLC increased its holdings in Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after buying an additional 909 shares during the last quarter. DAVENPORT & Co LLC increased its holdings in Bank of New York Mellon by 3.6% in the second quarter. DAVENPORT & Co LLC now owns 10,281 shares of the bank’s stock valued at $937,000 after buying an additional 353 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $192,000. Finally, Ignite Planners LLC bought a new position in Bank of New York Mellon during the 2nd quarter worth approximately $240,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 3.2%

BK stock opened at $124.42 on Friday. The firm’s 50-day moving average is $118.30 and its two-hundred day moving average is $110.22. The company has a market capitalization of $86.76 billion, a price-to-earnings ratio of 16.79, a price-to-earnings-growth ratio of 1.13 and a beta of 1.10. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week 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 quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The business had revenue of $5.07 billion during the quarter. On average, analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s payout ratio is currently 28.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. New Street Research set a $143.00 price target on Bank of New York Mellon in a report on Wednesday, January 14th. Citigroup boosted their target price on shares of 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. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, January 27th. Finally, Royal Bank Of Canada increased their price objective on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon 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.