Edgar Lomax Co. VA Reduces Stock Position in The Bank of New York Mellon Corporation $BK

Key Points

• Edgar Lomax Co. VA cut its stake in The Bank of New York Mellon (NYSE: BK) by 22.6% in Q3, selling 37,675 shares and leaving it with 128,934 shares worth about $14.05 million; institutional investors now own 85.31% of the company.
• Several brokerages have recently raised ratings and price targets on BK (e.g., Truist to a buy, Barclays/Keefe raising targets to $143), leaving the consensus at a Moderate Buy with an average target of $131.92 (8 Buys, 4 Holds).
• BNY Mellon pays a quarterly dividend of $0.53 ($2.12 annualized) for a yield of about 1.8% and a payout ratio near 28.6%.

Edgar Lomax Co. VA cut its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 22.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 128,934 shares of the bank's stock after selling 37,675 shares during the period. Edgar Lomax Co. VA's holdings in Bank of New York Mellon were worth $14,049,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BK. Valeo Financial Advisors LLC raised its holdings in Bank of New York Mellon by 1.3% during the third quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank's stock worth $821,000 after purchasing an additional 94 shares during the last quarter. Ferguson Wellman Capital Management Inc. increased its position in shares of Bank of New York Mellon by 0.4% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank's stock valued at $2,697,000 after buying an additional 96 shares in the last quarter. Leonard Rickey Investment Advisors P.L.L.C. raised its stake in shares of Bank of New York Mellon by 1.9% during the 3rd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank's stock worth $566,000 after buying an additional 98 shares during the last quarter. Tiemann Investment Advisors LLC boosted its position in shares of Bank of New York Mellon by 2.9% in the 2nd quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank's stock worth $318,000 after buying an additional 100 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its stake in Bank of New York Mellon by 13.7% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank's stock valued at $75,000 after acquiring an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on BK. Truist Financial raised shares of Bank of New York Mellon from a "hold" rating to a "buy" rating and upped their price target for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. Barclays upped their target price on 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. Wells Fargo & Company raised their price target on Bank of New York Mellon from $119.00 to $122.00 and gave the stock an "equal weight" rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $132.00 to $143.00 and gave the company an "outperform" rating in a research report on Wednesday, January 14th. Finally, Weiss Ratings cut Bank of New York Mellon from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, February 13th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $131.92.

Bank of New York Mellon Price Performance

BK stock opened at $116.73 on Friday. The stock has a market capitalization of $80.18 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.11 and a beta of 1.10. 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 stock's fifty day simple moving average is $119.74 and its 200-day simple moving average is $112.57.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The firm 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%. Equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon's payout ratio is presently 28.61%.

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.

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