Davis Selected Advisers Lowers Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Davis Selected Advisers reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 3.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,165,044 shares of the bank’s stock after selling 450,279 shares during the quarter. Bank of New York Mellon accounts for about 4.1% of Davis Selected Advisers’ investment portfolio, making the stock its 10th biggest holding. Davis Selected Advisers’ holdings in Bank of New York Mellon were worth $599,273,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of BK. Public Employees Retirement System of Ohio boosted its stake in shares of Bank of New York Mellon by 0.5% during the third quarter. Public Employees Retirement System of Ohio now owns 436,802 shares of the bank’s stock valued at $16,826,000 after purchasing an additional 2,220 shares during the period. U.S. Capital Wealth Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $78,000. Teza Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the third quarter valued at about $1,962,000. Meritage Portfolio Management increased its holdings in shares of Bank of New York Mellon by 4.8% during the fourth quarter. Meritage Portfolio Management now owns 98,444 shares of the bank’s stock valued at $4,481,000 after acquiring an additional 4,538 shares in the last quarter. Finally, Wrapmanager Inc. acquired a new position in Bank of New York Mellon in the 4th quarter worth approximately $203,000. 82.29% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Bank of New York Mellon from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 19th. Morgan Stanley boosted their target price on Bank of New York Mellon from $46.00 to $47.00 and gave the company an “underweight” rating in a report on Wednesday, April 19th. StockNews.com assumed coverage on Bank of New York Mellon in a report on Thursday, May 18th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective on Bank of New York Mellon from $42.00 to $41.00 in a research report on Wednesday, April 19th. Finally, Royal Bank of Canada upped their price target on Bank of New York Mellon from $44.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.61.

Bank of New York Mellon Price Performance

NYSE BK traded up $0.50 during trading hours on Friday, reaching $40.88. 1,627,198 shares of the company’s stock were exchanged, compared to its average volume of 5,659,992. The stock has a market cap of $32.26 billion, a PE ratio of 12.96, a price-to-earnings-growth ratio of 1.07 and a beta of 1.07. The Bank of New York Mellon Co. has a one year low of $36.22 and a one year high of $52.26. The firm has a fifty day moving average of $43.01 and a 200-day moving average of $45.83. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.92.

Bank of New York Mellon (NYSE:BK – Get Rating) last announced its quarterly earnings data on Tuesday, April 18th. The bank reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.03. The firm had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.40 billion. Bank of New York Mellon had a return on equity of 11.45% and a net margin of 11.98%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period last year, the company earned $0.86 EPS. On average, equities research analysts predict that The Bank of New York Mellon Co. will post 4.73 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 11th. Stockholders of record on Friday, April 28th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Thursday, April 27th. Bank of New York Mellon’s payout ratio is 46.84%.

Bank of New York Mellon Profile

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The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.