Denali Advisors LLC Sells 2,324 Shares of The Bank of New York Mellon Corporation $BK

Denali Advisors LLC reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 26.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,300 shares of the bank’s stock after selling 2,324 shares during the quarter. Denali Advisors LLC’s holdings in Bank of New York Mellon were worth $574,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Canada Post Corp Registered Pension Plan bought a new position in shares of Bank of New York Mellon during the first quarter valued at about $1,035,000. Formidable Asset Management LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares during the last quarter. Genus Capital Management Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $2,559,000. Finally, Western Financial Corp CA grew its stake in shares of Bank of New York Mellon by 467.3% in the first quarter. Western Financial Corp CA now owns 25,267 shares of the bank’s stock worth $2,119,000 after purchasing an additional 20,813 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price on the stock. Wells Fargo & Company raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. Truist Financial raised their target price on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Morgan Stanley raised their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Finally, Evercore ISI raised their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Stock Performance

Shares of BK opened at $106.95 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The company has a 50-day simple moving average of $105.87 and a two-hundred day simple moving average of $95.06. The firm has a market capitalization of $75.42 billion, a PE ratio of 15.43, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The business had revenue of $4.38 billion during the quarter. On average, analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

About Bank of New York Mellon

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.