Legacy Wealth Asset Management LLC Trims Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Legacy Wealth Asset Management LLC cut its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,943 shares of the bank’s stock after selling 431 shares during the quarter. Legacy Wealth Asset Management LLC’s holdings in Bank of New York Mellon were worth $841,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Axxcess Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 45.4% in the second quarter. Axxcess Wealth Management LLC now owns 10,855 shares of the bank’s stock worth $650,000 after buying an additional 3,389 shares during the last quarter. Argent Trust Co grew its holdings in Bank of New York Mellon by 10.5% during the 2nd quarter. Argent Trust Co now owns 21,855 shares of the bank’s stock worth $1,309,000 after acquiring an additional 2,072 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Bank of New York Mellon by 3.7% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 24,937 shares of the bank’s stock worth $1,493,000 after purchasing an additional 897 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Bank of New York Mellon by 7.5% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 86,502 shares of the bank’s stock valued at $5,176,000 after purchasing an additional 6,033 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Bank of New York Mellon by 10.7% during the second quarter. Blair William & Co. IL now owns 23,691 shares of the bank’s stock worth $1,419,000 after purchasing an additional 2,298 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on BK. Bank of America boosted their price objective on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday. Barclays upped their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group lifted their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Citigroup increased their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $87.14.

Bank of New York Mellon Price Performance

NYSE BK opened at $82.28 on Friday. The company has a 50-day moving average price of $78.65 and a two-hundred day moving average price of $72.01. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $82.72. The stock has a market cap of $59.83 billion, a price-to-earnings ratio of 17.89, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.28 EPS. Analysts forecast that The Bank of New York Mellon Co. will post 5.87 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Monday, January 27th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend 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.