First Horizon Advisors Inc. Sells 2,754 Shares of The Bank of New York Mellon Co. (NYSE:BK)

First Horizon Advisors Inc. lowered its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 496,515 shares of the bank’s stock after selling 2,754 shares during the quarter. Bank of New York Mellon comprises about 1.1% of First Horizon Advisors Inc.’s investment portfolio, making the stock its 17th biggest position. First Horizon Advisors Inc.’s holdings in Bank of New York Mellon were worth $38,147,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. United Advisor Group LLC bought a new position in Bank of New York Mellon in the 3rd quarter worth $595,000. Czech National Bank raised its holdings in Bank of New York Mellon by 4.9% in the 4th quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after acquiring an additional 7,316 shares during the period. Principal Financial Group Inc. raised its holdings in Bank of New York Mellon by 1.7% in the 3rd quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after acquiring an additional 14,916 shares during the period. Chase Investment Counsel Corp raised its holdings in Bank of New York Mellon by 67.2% in the 3rd quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock worth $6,002,000 after acquiring an additional 33,558 shares during the period. Finally, HighTower Advisors LLC raised its holdings in Bank of New York Mellon by 130.1% in the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock worth $23,449,000 after acquiring an additional 184,560 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the topic of several recent analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a report on Thursday, January 16th. StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Bank of America boosted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock opened at $87.29 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The firm’s 50-day simple moving average is $82.04 and its 200-day simple moving average is $76.36. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $89.44. The firm has a market cap of $63.46 billion, a P/E ratio of 15.02, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the previous year, the business earned $1.28 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, research analysts expect that The Bank of New York Mellon Co. will post 6.94 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.15%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Bank of New York Mellon Company 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.