Federated Hermes Inc. Reduces Stake in The Bank of New York Mellon Co. (NYSE:BK)

Federated Hermes Inc. reduced its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,160,709 shares of the bank’s stock after selling 91,990 shares during the quarter. Federated Hermes Inc. owned about 0.16% of Bank of New York Mellon worth $89,177,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Aster Capital Management DIFC Ltd lifted its holdings in Bank of New York Mellon by 117.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 19,249 shares of the bank’s stock worth $1,479,000 after buying an additional 10,408 shares during the period. Peapack Gladstone Financial Corp raised its position in shares of Bank of New York Mellon by 1.1% in the 4th quarter. Peapack Gladstone Financial Corp now owns 27,579 shares of the bank’s stock worth $2,119,000 after acquiring an additional 298 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co lifted its stake in shares of Bank of New York Mellon by 7.7% in the 4th quarter. Ilmarinen Mutual Pension Insurance Co now owns 210,000 shares of the bank’s stock valued at $16,134,000 after purchasing an additional 15,000 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Bank of New York Mellon by 8.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 2,263,897 shares of the bank’s stock valued at $173,935,000 after purchasing an additional 171,876 shares in the last quarter. Finally, KCM Investment Advisors LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth $222,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

NYSE BK opened at $73.17 on Monday. The business’s fifty day moving average is $84.98 and its 200 day moving average is $80.08. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two 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 $52.53 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same period in the previous year, the company posted $1.28 EPS. The firm’s revenue was up 11.2% on a year-over-year basis. Sell-side analysts predict 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 company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.36%.

Analysts Set New Price Targets

A number of brokerages have recently commented on BK. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, March 24th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” 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 research report on Wednesday, February 19th. Finally, Truist Financial lowered their price objective on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating for the company in a research note on Friday. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $89.86.

Bank of New York Mellon 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.