Carnegie Lake Advisors LLC Sells 16,525 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Carnegie Lake Advisors LLC decreased its stake in The Bank of New York Mellon Co. (NYSE:BK) by 35.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 29,991 shares of the bank’s stock after selling 16,525 shares during the quarter. Bank of New York Mellon accounts for about 0.9% of Carnegie Lake Advisors LLC’s portfolio, making the stock its 28th largest position. Carnegie Lake Advisors LLC’s holdings in Bank of New York Mellon were worth $2,304,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. FMR LLC raised its position in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock worth $1,389,680,000 after purchasing an additional 8,512,404 shares during the period. Wellington Management Group LLP grew its stake in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares during the last quarter. Zacks Investment Management purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $62,589,000. State Street Corp lifted its stake in shares of Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after acquiring an additional 659,096 shares during the last quarter. Finally, National Bank of Canada FI boosted its holdings in Bank of New York Mellon by 248.3% during the 3rd quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock valued at $61,715,000 after acquiring an additional 612,287 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on BK shares. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research report on Thursday, January 16th. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Royal Bank of Canada reissued a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research note on Monday, October 14th. Finally, StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Trading Down 1.4 %

BK opened at $84.99 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $87.70. The stock has a market cap of $61.79 billion, a PE ratio of 14.63, a PEG ratio of 0.98 and a beta of 1.08. The business has a 50 day moving average of $80.70 and a 200-day moving average of $74.83.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same quarter last year, the firm posted $1.28 earnings per share. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. Equities research analysts predict that The Bank of New York Mellon Co. will post 6.89 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.21%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is currently 32.36%.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.