Taika Capital LP Sells 9,577 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Taika Capital LP reduced its position in The Bank of New York Mellon Co. (NYSE:BK) by 66.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,750 shares of the bank’s stock after selling 9,577 shares during the period. Taika Capital LP’s holdings in Bank of New York Mellon were worth $365,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Principal Financial Group Inc. raised its holdings in Bank of New York Mellon by 1.7% in the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock worth $63,514,000 after purchasing an additional 14,916 shares in the last quarter. CWA Asset Management Group LLC bought a new position in Bank of New York Mellon in the third quarter worth about $2,040,000. Verdence Capital Advisors LLC raised its holdings in Bank of New York Mellon by 44.5% in the third quarter. Verdence Capital Advisors LLC now owns 20,285 shares of the bank’s stock worth $1,458,000 after purchasing an additional 6,248 shares in the last quarter. Assetmark Inc. raised its holdings in Bank of New York Mellon by 64.7% in the third quarter. Assetmark Inc. now owns 1,869 shares of the bank’s stock worth $134,000 after purchasing an additional 734 shares in the last quarter. Finally, Essex Savings Bank bought a new position in Bank of New York Mellon in the third quarter worth about $228,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Trading Up 1.5 %

Bank of New York Mellon stock opened at $85.98 on Monday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market cap of $61.73 billion, a PE ratio of 14.80, a P/E/G ratio of 0.97 and a beta of 1.06. The stock’s 50 day simple moving average is $83.85 and its two-hundred day simple moving average is $78.03. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the company posted $1.28 EPS. Analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 32.36%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group boosted their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Truist Financial boosted their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Barclays upped their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $88.71.

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.