Dana Investment Advisors Inc. Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Dana Investment Advisors Inc. reduced its position in The Bank of New York Mellon Corporation (NYSE:BK) by 6.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 271,208 shares of the bank’s stock after selling 19,223 shares during the quarter. Bank of New York Mellon makes up about 0.9% of Dana Investment Advisors Inc.’s holdings, making the stock its 19th largest position. Dana Investment Advisors Inc.’s holdings in Bank of New York Mellon were worth $29,551,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BK. Revolve Wealth Partners LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth about $220,000. Sivia Capital Partners LLC raised its stake in shares of Bank of New York Mellon by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after purchasing an additional 909 shares during the period. Ignite Planners LLC bought a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at $240,000. Strategic Blueprint LLC lifted its holdings in Bank of New York Mellon by 17.9% during the 2nd quarter. Strategic Blueprint LLC now owns 3,277 shares of the bank’s stock worth $299,000 after purchasing an additional 497 shares in the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its stake in Bank of New York Mellon by 29.4% in the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 9,911 shares of the bank’s stock worth $902,000 after purchasing an additional 2,252 shares during the period. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several 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 research report on Wednesday, January 14th. Barclays boosted their price objective on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their target price for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada raised their price target on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $115.42 on Tuesday. The company’s fifty day moving average price is $119.30 and its 200-day moving average price is $111.81. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The firm has a market capitalization of $80.49 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 1.10 and a beta of 1.10. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76.

Bank of New York Mellon (NYSE:BK) last announced 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 net margin of 13.62% and a return on equity of 14.37%. The company had revenue of $5.07 billion during the quarter. On average, equities research analysts anticipate 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were issued a dividend of $0.53 per share. 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 currently 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.