Texas Permanent School Fund Sells 8,832 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Texas Permanent School Fund trimmed its holdings in The Bank of New York Mellon Co. (NYSE:BKGet Rating) by 8.4% in the 1st quarter, Holdings Channel reports. The fund owned 95,960 shares of the bank’s stock after selling 8,832 shares during the quarter. Texas Permanent School Fund’s holdings in Bank of New York Mellon were worth $4,762,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New Hampshire purchased a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $31,000. Dividend Assets Capital LLC purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $32,000. Bromfield Sneider Wealth Advisors purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $33,000. Prospera Financial Services Inc purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $37,000. Finally, Comprehensive Financial Consultants Institutional Inc. purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $38,000. 83.69% of the stock is currently owned by institutional investors.

Bank of New York Mellon Trading Up 1.0 %

Shares of BK opened at $43.50 on Friday. The company’s fifty day moving average is $43.02 and its 200 day moving average is $48.31. The Bank of New York Mellon Co. has a fifty-two week low of $39.78 and a fifty-two week high of $64.63. The stock has a market capitalization of $35.14 billion, a PE ratio of 11.04, a P/E/G ratio of 1.67 and a beta of 1.12. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.68 and a current ratio of 0.67.

Bank of New York Mellon (NYSE:BKGet Rating) last announced its quarterly earnings results on Friday, July 15th. The bank reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.12 by ($0.09). Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The business had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.17 billion. During the same quarter in the prior year, the firm posted $1.13 EPS. The company’s revenue for the quarter was up 7.4% on a year-over-year basis. Sell-side analysts expect that The Bank of New York Mellon Co. will post 4.3 earnings per share for the current fiscal year.

Bank of New York Mellon Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 3.40%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.34. The ex-dividend date was Friday, July 22nd. Bank of New York Mellon’s payout ratio is presently 37.56%.

Analysts Set New Price Targets

Several brokerages have weighed in on BK. Piper Sandler lowered their price target on shares of Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday, June 24th. Citigroup lowered their price target on shares of Bank of New York Mellon from $50.00 to $46.00 in a report on Tuesday, July 12th. Royal Bank of Canada lowered their price target on shares of Bank of New York Mellon from $56.00 to $49.00 and set a “sector perform” rating on the stock in a report on Friday, July 1st. Barclays set a $61.00 price target on shares of Bank of New York Mellon in a report on Tuesday, July 19th. Finally, Wells Fargo & Company lowered their price target on shares of Bank of New York Mellon from $57.00 to $46.00 and set an “equal weight” rating on the stock in a report on Friday, July 1st. Eleven investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.42.

Bank of New York Mellon Profile

(Get Rating)

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, prime brokerage, and data analytics.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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