Martingale Asset Management L P Sells 40,226 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Martingale Asset Management L P reduced its stake in The Bank of New York Mellon (NYSE:BK) by 14.2%, selling 40,226 shares and holding 242,445 shares worth about $26.42 million after the 3rd quarter.
• Other large institutions added positions—Vanguard now owns ~71.1 million shares (~$6.48 billion) and Norges Bank opened a ~ $1.08 billion stake—and institutional investors collectively control 85.31% of BK.
• Analyst sentiment is favorable: MarketBeat shows a consensus of "Moderate Buy" with an average price target of $131.92 after recent upgrades and higher targets from firms including Morgan Stanley, Keefe Bruyette & Woods, and Truist.

Martingale Asset Management L P decreased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 14.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,445 shares of the bank's stock after selling 40,226 shares during the period. Martingale Asset Management L P's holdings in Bank of New York Mellon were worth $26,417,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in BK. Vanguard Group Inc. lifted its stake in Bank of New York Mellon by 0.7% in the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank's stock valued at $6,477,206,000 after buying an additional 517,081 shares during the period. Geode Capital Management LLC grew its position in shares of Bank of New York Mellon by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank's stock worth $1,717,074,000 after buying an additional 785,478 shares during the period. Artisan Partners Limited Partnership grew its position in shares of Bank of New York Mellon by 0.9% during the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank's stock worth $1,439,831,000 after buying an additional 139,544 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $1,081,847,000. Finally, First Trust Advisors LP increased its stake in shares of Bank of New York Mellon by 1.5% in the 3rd quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after acquiring an additional 66,010 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

Analyst Ratings Changes

BK has been the topic of several research analyst reports. Citigroup initiated coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They set a "neutral" rating on the stock. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the company an "overweight" rating in a report on Wednesday, January 14th. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 14th. Truist Financial upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and raised their target price for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. Finally, Wells Fargo & Company boosted their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the company an "equal weight" rating in a research report on Wednesday, January 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $131.92.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $117.18 on Friday. 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 has a fifty day simple moving average of $119.66 and a two-hundred day simple moving average of $113.07. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $128.76. The firm has a market capitalization of $80.64 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 1.09 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its quarterly earnings data 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 net margin of 13.62% and a return on equity of 14.37%. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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

About Bank of New York Mellon

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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