The Bank of New York Mellon Co. (NYSE:BK) Holdings Decreased by Kestra Private Wealth Services LLC

Posted by Defense World Staff on Apr 20th, 2023

Kestra Private Wealth Services LLC decreased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,272 shares of the bank’s stock after selling 603 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in Bank of New York Mellon were worth $331,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BK. Acadian Asset Management LLC grew its holdings in shares of Bank of New York Mellon by 160.0% during the first quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock valued at $263,000 after buying an additional 3,297 shares in the last quarter. Prudential PLC purchased a new position in shares of Bank of New York Mellon during the first quarter valued at $1,096,000. Cetera Investment Advisers grew its holdings in shares of Bank of New York Mellon by 3.3% during the first quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after buying an additional 1,154 shares in the last quarter. Candriam Luxembourg S.C.A. grew its holdings in shares of Bank of New York Mellon by 54.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock valued at $11,519,000 after buying an additional 81,728 shares in the last quarter. Finally, Zions Bancorporation N.A. grew its holdings in shares of Bank of New York Mellon by 165.3% during the first quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after buying an additional 909 shares in the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Analyst Ratings Changes

BK has been the topic of a number of recent research reports. Evercore ISI lowered their target price on Bank of New York Mellon from $53.00 to $46.00 and set an “in-line” rating on the stock in a research note on Wednesday, April 5th. Deutsche Bank Aktiengesellschaft lowered their target price on Bank of New York Mellon from $42.00 to $41.00 in a research note on Wednesday. Wolfe Research upgraded Bank of New York Mellon from a “peer perform” rating to an “outperform” rating and set a $60.00 target price on the stock in a research note on Wednesday, January 4th. The Goldman Sachs Group upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a research note on Wednesday, January 4th. Finally, Bank of America initiated coverage on Bank of New York Mellon in a research note on Thursday, January 12th. They issued a “buy” rating and a $56.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.61.

Bank of New York Mellon Stock Performance

BK opened at $45.24 on Thursday. The company has a market cap of $36.18 billion, a PE ratio of 15.60, a price-to-earnings-growth ratio of 1.22 and a beta of 1.07. The stock has a 50-day moving average of $47.28 and a 200-day moving average of $45.68. The Bank of New York Mellon Co. has a 52-week low of $36.22 and a 52-week high of $52.26. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.66 and a current ratio of 0.66.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 11th. Investors of record on Friday, April 28th will be paid a dividend of $0.37 per share. The ex-dividend date is Thursday, April 27th. This represents a $1.48 annualized dividend and a yield of 3.27%. Bank of New York Mellon’s payout ratio is 51.03%.

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.