Orion Porfolio Solutions LLC Cuts Position in The Bank of New York Mellon Corporation $BK

Key Points

• Orion Portfolio Solutions LLC reduced its stake in The Bank of New York Mellon by 26.5% in Q3, selling 9,714 shares and finishing the quarter with 27,004 shares valued at about $2.94 million.
• Several other institutional investors adjusted their positions (some increased holdings), and institutional ownership of BK stands at 85.31%.
• Analysts' consensus is a "Moderate Buy" with an average target of $131.92; BNY Mellon has a market cap of roughly $79.3B and pays a $0.53 quarterly dividend (annualized $2.12, ~1.8% yield).

Orion Porfolio Solutions LLC decreased its position in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 26.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,004 shares of the bank's stock after selling 9,714 shares during the quarter. Orion Porfolio Solutions LLC's holdings in Bank of New York Mellon were worth $2,942,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. KCM Investment Advisors LLC grew its holdings in shares of Bank of New York Mellon by 4.2% in the third quarter. KCM Investment Advisors LLC now owns 3,284 shares of the bank's stock valued at $358,000 after purchasing an additional 132 shares in the last quarter. Kane Investment Management Inc. lifted its position in Bank of New York Mellon by 13.5% during the third quarter. Kane Investment Management Inc. now owns 6,480 shares of the bank's stock valued at $706,000 after purchasing an additional 770 shares during the last quarter. Advisory Alpha LLC lifted its position in Bank of New York Mellon by 40.4% during the third quarter. Advisory Alpha LLC now owns 10,830 shares of the bank's stock valued at $1,152,000 after purchasing an additional 3,114 shares during the last quarter. JT Stratford LLC purchased a new position in shares of Bank of New York Mellon in the 3rd quarter worth $204,000. Finally, RPg Family Wealth Advisory LLC grew its stake in shares of Bank of New York Mellon by 43.7% in the 3rd quarter. RPg Family Wealth Advisory LLC now owns 83,209 shares of the bank's stock worth $9,066,000 after buying an additional 25,295 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

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

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. Research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm 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. The ex-dividend date was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon's payout ratio is presently 28.61%.

Analysts Set New Price Targets

Several analysts have recently issued reports on BK shares. Weiss Ratings cut shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Friday, February 13th. Royal Bank Of Canada boosted their price objective on Bank of New York Mellon from $124.00 to $130.00 and gave the stock a "sector perform" rating in a research note 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. Citigroup assumed coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They issued a "neutral" rating for the company. Finally, Truist Financial upgraded Bank of New York Mellon from a "hold" rating to a "buy" rating and lifted their target price for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Bank of New York Mellon Corporation (NYSE:BK - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.