PNC Financial Services Group Inc. Has $18.56 Million Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

PNC Financial Services Group Inc. reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 241,617 shares of the bank’s stock after selling 4,505 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Bank of New York Mellon were worth $18,563,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Centricity Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter valued at about $39,000. Ashton Thomas Securities LLC acquired a new position in Bank of New York Mellon in the 3rd quarter valued at approximately $46,000. Modus Advisors LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $49,000. Friedenthal Financial bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $56,000. Finally, Asset Dedication LLC grew its holdings in shares of Bank of New York Mellon by 342.1% during the 4th quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock worth $58,000 after purchasing an additional 585 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $84.17 on Tuesday. The business’s fifty day moving average is $83.99 and its two-hundred day moving average is $78.16. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm has a market cap of $60.43 billion, a P/E ratio of 14.49, a P/E/G ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $4.66 billion. During the same period in the previous year, the business posted $1.28 earnings per share. The firm’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities research analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.23%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 32.36%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on BK. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Bank of America upped their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Morgan Stanley raised their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, Truist Financial upped their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.71.

Bank of New York Mellon Company 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.