LGT Group Foundation Lowers Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

LGT Group Foundation reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 22.3% during the 4th quarter, HoldingsChannel reports. The firm owned 165,459 shares of the bank’s stock after selling 47,435 shares during the period. LGT Group Foundation’s holdings in Bank of New York Mellon were worth $12,712,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Centricity Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $39,000. Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $49,000. Ashton Thomas Securities LLC purchased a new stake in shares of Bank of New York Mellon in the third quarter valued at approximately $46,000. Friedenthal Financial purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $56,000. Finally, Asset Dedication LLC boosted its stake in shares of Bank of New York Mellon by 342.1% in the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after buying an additional 585 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Barclays lifted their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Evercore ISI lifted their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Morgan Stanley lifted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Finally, Bank of America lifted their price objective on 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’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Performance

NYSE BK opened at $88.86 on Monday. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $89.44. The stock has a market cap of $64.60 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The business has a fifty day moving average of $83.02 and a 200-day moving average of $77.30. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.28 earnings per share. As a group, analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.12%. Bank of New York Mellon’s payout ratio is currently 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.