Arrowstreet Capital Limited Partnership Has $371.61 Million Stake in The Bank of New York Mellon Corporation $BK

Arrowstreet Capital Limited Partnership cut its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 31.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,410,488 shares of the bank’s stock after selling 1,533,139 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.49% of Bank of New York Mellon worth $371,607,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BK. Norges Bank bought a new position in shares of Bank of New York Mellon in the 2nd quarter worth about $1,081,847,000. Qube Research & Technologies Ltd bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $135,728,000. Geode Capital Management LLC grew its stake in Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock worth $1,717,074,000 after purchasing an additional 785,478 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Bank of New York Mellon by 36.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after purchasing an additional 577,621 shares during the period. Finally, Bank of Nova Scotia increased its holdings in Bank of New York Mellon by 698.6% in the second quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock worth $59,325,000 after purchasing an additional 569,602 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.0%

NYSE BK opened at $117.18 on Friday. The company has a quick ratio of 0.71, 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 $128.76. The business has a 50 day moving average price of $119.66 and a 200-day moving average price of $113.07. The company has a market cap of $80.64 billion, a price-to-earnings ratio of 15.81, a P/E/G ratio of 1.09 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The company had revenue of $5.07 billion for the quarter. As a group, equities analysts expect 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders 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 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BK shares. Citigroup initiated coverage on Bank of New York Mellon in a report on Monday, February 23rd. They set a “neutral” rating on the stock. TD Cowen lifted their price objective on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Weiss Ratings upgraded shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Wednesday. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus 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.