CWA Asset Management Group LLC Sells 960 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Posted by Defense World Staff on Mar 19th, 2023

CWA Asset Management Group LLC lowered its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 11.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,143 shares of the bank’s stock after selling 960 shares during the period. CWA Asset Management Group LLC’s holdings in Bank of New York Mellon were worth $325,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BK. Goldman Sachs Group Inc. lifted its stake in Bank of New York Mellon by 149.6% during the second quarter. Goldman Sachs Group Inc. now owns 8,104,949 shares of the bank’s stock worth $338,058,000 after purchasing an additional 4,857,962 shares during the last quarter. Artisan Partners Limited Partnership lifted its stake in Bank of New York Mellon by 16.4% during the second quarter. Artisan Partners Limited Partnership now owns 21,915,465 shares of the bank’s stock worth $914,094,000 after purchasing an additional 3,087,942 shares during the last quarter. Great West Life Assurance Co. Can purchased a new position in shares of Bank of New York Mellon in the third quarter worth about $55,646,000. Vanguard Group Inc. increased its holdings in shares of Bank of New York Mellon by 1.8% in the third quarter. Vanguard Group Inc. now owns 67,626,336 shares of the bank’s stock worth $2,604,967,000 after buying an additional 1,183,130 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Bank of New York Mellon by 13.8% in the third quarter. Victory Capital Management Inc. now owns 9,278,963 shares of the bank’s stock worth $357,425,000 after buying an additional 1,127,786 shares during the period. Institutional investors own 82.29% of the company’s stock.

Bank of New York Mellon Stock Down 4.1 %

BK stock opened at $42.58 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $36.22 and a fifty-two week high of $53.63. The business’s 50 day moving average price is $49.53 and its two-hundred day moving average price is $45.22. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $34.05 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.14 and a beta of 1.11.

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, topping analysts’ consensus estimates of $1.22 by $0.08. Bank of New York Mellon had a return on equity of 10.78% and a net margin of 12.87%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same quarter in the prior year, the business earned $1.04 EPS. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, analysts forecast that The Bank of New York Mellon Co. will post 4.83 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 3rd. Shareholders of record on Monday, January 23rd were issued a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, January 20th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.48%. Bank of New York Mellon’s dividend payout ratio (DPR) is 51.03%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BK. Barclays lifted their price objective on Bank of New York Mellon from $57.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 3rd. Bank of America began coverage on Bank of New York Mellon in a report on Thursday, January 12th. They issued a “buy” rating and a $56.00 price objective on the stock. Morgan Stanley lifted their price objective on Bank of New York Mellon from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Wednesday, February 1st. Wolfe Research upgraded Bank of New York Mellon from a “peer perform” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Wednesday, January 4th. Finally, The Goldman Sachs Group upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a report on Wednesday, January 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $52.19.

About Bank of New York Mellon

(Get Rating)

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.

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

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.