Guggenheim Capital LLC Lowers Stake in The Bank of New York Mellon Co. (NYSE:BK)

Posted by on Mar 6th, 2023

Guggenheim Capital LLC reduced its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 9.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,591 shares of the bank’s stock after selling 3,715 shares during the period. Guggenheim Capital LLC’s holdings in Bank of New York Mellon were worth $1,371,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Hazlett Burt & Watson Inc. raised its holdings in Bank of New York Mellon by 132.2% in the third quarter. Hazlett Burt & Watson Inc. now owns 692 shares of the bank’s stock worth $26,000 after buying an additional 394 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Bank of New York Mellon in the third quarter worth about $26,000. Rock Creek Group LP raised its holdings in Bank of New York Mellon by 273.8% in the second quarter. Rock Creek Group LP now owns 729 shares of the bank’s stock worth $30,000 after buying an additional 534 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Bank of New York Mellon by 97.1% in the first quarter. Brown Brothers Harriman & Co. now owns 609 shares of the bank’s stock worth $30,000 after buying an additional 300 shares during the last quarter. Finally, Gradient Investments LLC raised its holdings in Bank of New York Mellon by 74.0% in the third quarter. Gradient Investments LLC now owns 802 shares of the bank’s stock worth $31,000 after buying an additional 341 shares during the last quarter. 82.29% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $51.33 on Monday. The firm has a market capitalization of $41.05 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 1.33 and a beta of 1.11. The Bank of New York Mellon Co. has a 12-month low of $36.22 and a 12-month high of $53.63. The firm has a 50 day moving average of $49.40 and a 200 day moving average of $44.98. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BK – Get Rating) last posted its earnings results on Friday, January 13th. The bank reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.08. Bank of New York Mellon had a net margin of 12.87% and a return on equity of 10.78%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $4.12 billion. During the same period in the previous year, the firm earned $1.04 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts anticipate that The Bank of New York Mellon Co. will post 4.83 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 3rd. Investors of record on Monday, January 23rd were issued a $0.37 dividend. The ex-dividend date was Friday, January 20th. This represents a $1.48 annualized dividend and a yield of 2.88%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 51.03%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on BK shares. The Goldman Sachs Group raised shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a report on Wednesday, January 4th. Barclays boosted their price objective on shares of Bank of New York Mellon from $57.00 to $64.00 and gave the company an “overweight” rating in a report on Tuesday, January 3rd. Bank of America started coverage on shares of Bank of New York Mellon in a report on Thursday, January 12th. They set a “buy” rating and a $56.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Wednesday, February 1st. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $50.00 to $55.00 in a report on Friday, December 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $52.19.

About Bank of New York Mellon

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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.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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