Grantham Mayo Van Otterloo & Co. LLC Sells 32,367 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Grantham Mayo Van Otterloo cut its stake in The Bank of New York Mellon by 26.1% in the third quarter, selling 32,367 shares and leaving 91,795 shares valued at about $10.00 million per its latest 13F filing.
• The bank reported $1.91 EPS on $5.07 billion of revenue for the quarter and recently paid a $0.53 quarterly dividend (annualized $2.12, ~1.8% yield); institutional investors own roughly 85.3% of the stock.
• Analyst sentiment is generally positive with a consensus rating of “Moderate Buy” and an average price target of $131.92, while several firms (e.g., Morgan Stanley, RBC, Keefe) have recently raised price targets.

Grantham Mayo Van Otterloo & Co. LLC reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 26.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 91,795 shares of the bank's stock after selling 32,367 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC's holdings in Bank of New York Mellon were worth $10,002,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Valley Wealth Managers Inc. bought a new position in Bank of New York Mellon during the 3rd quarter worth approximately $33,000. Caldwell Trust Co bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $36,000. Westside Investment Management Inc. boosted its stake in shares of Bank of New York Mellon by 44.1% during the third quarter. Westside Investment Management Inc. now owns 415 shares of the bank's stock valued at $45,000 after purchasing an additional 127 shares during the period. Dunhill Financial LLC boosted its stake in shares of Bank of New York Mellon by 130.8% during the third quarter. Dunhill Financial LLC now owns 427 shares of the bank's stock valued at $47,000 after purchasing an additional 242 shares during the period. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the second quarter worth approximately $52,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Trading Down 0.0%

Shares of BK opened at $115.18 on Tuesday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $128.76. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm's 50-day moving average price is $119.65 and its 200-day moving average price is $112.92. The firm has a market capitalization of $79.27 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.08 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The company had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. Sell-side analysts anticipate 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 company also recently announced 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 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon's dividend payout ratio (DPR) is presently 28.61%.

Analyst Ratings Changes

Several brokerages have weighed in on BK. Morgan Stanley increased their price target on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the company an "overweight" rating in a research report on Wednesday, January 14th. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a "sector perform" rating in a research report on Wednesday, January 14th. Citigroup initiated coverage on shares of Bank of New York Mellon in a report on Monday, February 23rd. They set a "neutral" rating for the company. New Street Research set a $143.00 target price on Bank of New York Mellon in a research note on Wednesday, January 14th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the company an "outperform" rating in a report on Wednesday, January 14th. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently 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.

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