The Bank of New York Mellon Corporation $BK is Dodge & Cox's 9th Largest Position

Key Points

• Dodge & Cox trimmed its stake in The Bank of New York Mellon by 7.4% in Q3, selling 2,776,430 shares and now holds 34,842,944 shares (about $3.80 billion or ~5.0% of BK), making it the firm's 9th-largest position.
• BNY Mellon trades with a market cap near $80 billion, a P/E of 15.68 and a 12‑month range of $70.46–$128.76; the company reported $1.91 EPS last quarter and pays a quarterly dividend of $0.53 (annualized $2.12, ~1.8% yield).
• Analysts’ consensus is a Moderate Buy with an average target of $131.92 and several firms raising targets, while institutional ownership is high at 85.31%, including notable increases by Vanguard and a new ~$1.08 billion position from Norges Bank.

Dodge & Cox lowered its holdings in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 7.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,842,944 shares of the bank's stock after selling 2,776,430 shares during the quarter. Bank of New York Mellon accounts for about 2.0% of Dodge & Cox's holdings, making the stock its 9th biggest position. Dodge & Cox owned about 5.00% of Bank of New York Mellon worth $3,796,487,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in BK. Vanguard Group Inc. lifted its stake in shares of 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 purchasing an additional 517,081 shares during the period. Artisan Partners Limited Partnership grew its position in Bank of New York Mellon by 0.9% during the second 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 acquired a new position in Bank of New York Mellon during the second quarter worth about $1,081,847,000. First Trust Advisors LP increased its holdings in Bank of New York Mellon by 1.5% in the third quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after buying an additional 66,010 shares in the last quarter. Finally, Barclays PLC lifted its position in shares of Bank of New York Mellon by 1.4% during the 3rd quarter. Barclays PLC now owns 2,372,430 shares of the bank's stock valued at $258,500,000 after acquiring an additional 31,643 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $116.18 on Friday. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $128.76. The stock has a market capitalization of $79.96 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.09 and a beta of 1.10. The firm's 50-day moving average is $119.65 and its two-hundred day moving average is $113.16. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71.

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

Bank of New York Mellon Announces Dividend

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley upped their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an "overweight" rating in a report on Wednesday, January 14th. Royal Bank Of Canada lifted 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 report on Wednesday, January 14th. Weiss Ratings upgraded Bank of New York Mellon from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday. Citigroup assumed coverage on Bank of New York Mellon in a report on Monday, February 23rd. They issued a "neutral" rating on the stock. Finally, New Street Research set a $143.00 price target on Bank of New York Mellon in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $131.92.

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.

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