Cannell & Spears LLC Has $26.38 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Cannell & Spears LLC trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 343,334 shares of the bank’s stock after selling 10,230 shares during the quarter. Cannell & Spears LLC’s holdings in Bank of New York Mellon were worth $26,378,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BK. D.A. Davidson & CO. grew its stake in shares of Bank of New York Mellon by 3.3% in the 3rd quarter. D.A. Davidson & CO. now owns 7,299 shares of the bank’s stock valued at $525,000 after buying an additional 231 shares in the last quarter. Townsquare Capital LLC grew its position in Bank of New York Mellon by 24.6% in the third quarter. Townsquare Capital LLC now owns 22,001 shares of the bank’s stock worth $1,581,000 after acquiring an additional 4,342 shares in the last quarter. CreativeOne Wealth LLC increased its stake in shares of Bank of New York Mellon by 3.8% during the 3rd quarter. CreativeOne Wealth LLC now owns 8,971 shares of the bank’s stock worth $645,000 after purchasing an additional 332 shares during the last quarter. Financial Counselors Inc. acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at $293,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in Bank of New York Mellon by 0.9% in the third quarter. Rockefeller Capital Management L.P. now owns 29,519 shares of the bank’s stock worth $2,118,000 after purchasing an additional 250 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analysts Set New Price Targets

BK has been the subject of several recent analyst reports. Truist Financial upped their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the stock 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 report on Thursday, January 16th. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Citigroup boosted their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, March 24th. Finally, Evercore ISI boosted their price objective on 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. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $89.71.

Bank of New York Mellon Price Performance

NYSE:BK opened at $82.67 on Monday. The firm has a market cap of $59.35 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 0.97 and a beta of 1.06. The company’s 50-day moving average price is $85.34 and its two-hundred day moving average price is $79.69. 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 12 month low of $52.64 and a 12 month 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 for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s revenue was up 11.2% on a year-over-year basis. During the same period last year, the firm posted $1.28 EPS. On average, equities analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

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.