The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Cypress Capital Group

Cypress Capital Group cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 49.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,625 shares of the bank’s stock after selling 4,580 shares during the period. Cypress Capital Group’s holdings in Bank of New York Mellon were worth $355,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Cape Investment Advisory Inc. boosted its position in shares of Bank of New York Mellon by 12.6% in the fourth quarter. Cape Investment Advisory Inc. now owns 1,172 shares of the bank’s stock worth $90,000 after acquiring an additional 131 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Bank of New York Mellon by 0.4% in the fourth quarter. Oppenheimer & Co. Inc. now owns 34,536 shares of the bank’s stock worth $2,653,000 after acquiring an additional 133 shares during the last quarter. Studio Investment Management LLC boosted its position in shares of Bank of New York Mellon by 2.1% in the third quarter. Studio Investment Management LLC now owns 6,636 shares of the bank’s stock worth $477,000 after acquiring an additional 134 shares during the last quarter. Grove Bank & Trust boosted its position in shares of Bank of New York Mellon by 21.0% in the fourth quarter. Grove Bank & Trust now owns 779 shares of the bank’s stock worth $60,000 after acquiring an additional 135 shares during the last quarter. Finally, Avidian Wealth Enterprises LLC boosted its position in shares of Bank of New York Mellon by 2.0% in the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank’s stock worth $505,000 after acquiring an additional 137 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on BK shares. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Truist Financial lifted their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus target price of $88.71.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $86.61 on Thursday. The company has a market cap of $62.04 billion, a PE ratio of 14.91, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a fifty day moving average price of $83.56 and a two-hundred day moving average price of $77.67. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. 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 quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company posted $1.28 earnings per share. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. Research analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors 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 2.17%. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

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.