Westpac Banking Corp Sells 5,744 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Westpac Banking Corp lessened its position in The Bank of New York Mellon Co. (NYSE:BK) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 72,815 shares of the bank’s stock after selling 5,744 shares during the period. Westpac Banking Corp’s holdings in Bank of New York Mellon were worth $5,594,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of BK. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at approximately $1,150,462,000. Wellington Management Group LLP boosted its holdings in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $90,955,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after acquiring an additional 1,125,493 shares during the period. Finally, Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon during the third quarter worth $62,589,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BK. Truist Financial increased their target price on 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. Evercore ISI increased their price objective on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a report on Tuesday. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Barclays upped their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Finally, Morgan Stanley lowered their price objective on shares of Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a report on Wednesday. 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, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $90.07.

Bank of New York Mellon Trading Up 0.7 %

Shares of NYSE:BK opened at $84.33 on Thursday. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $90.34. 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 company has a market capitalization of $60.55 billion, a P/E ratio of 14.51, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company has a 50-day simple moving average of $85.33 and a 200 day simple moving average of $79.94.

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 return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the firm posted $1.28 EPS. The company’s quarterly revenue was up 11.2% on a year-over-year basis. Sell-side analysts forecast 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 company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s payout ratio is 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.