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

Conning Inc. reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 14.1% in the fourth quarter, Holdings Channel reports. The fund owned 468,394 shares of the bank’s stock after selling 77,166 shares during the quarter. Bank of New York Mellon accounts for about 1.3% of Conning Inc.’s portfolio, making the stock its 27th largest position. Conning Inc.’s holdings in Bank of New York Mellon were worth $35,987,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of BK. McClarren Financial Advisors Inc. lifted its holdings in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the last quarter. Fortitude Family Office LLC lifted its stake in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after buying an additional 346 shares in the last quarter. Modus Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $49,000. Ashton Thomas Securities LLC purchased a new position in Bank of New York Mellon in the 3rd quarter valued at approximately $46,000. Finally, Grove Bank & Trust raised its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on BK shares. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Bank of New York Mellon in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft raised their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company upped their price target on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Citigroup raised their price objective on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $86.15 on Friday. 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 Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $87.70. The firm has a market cap of $62.64 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The business has a 50 day moving average price of $80.61 and a 200-day moving average price of $74.51.

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, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.28 EPS. Equities research analysts predict that The Bank of New York Mellon Co. will post 6.86 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 2.18%. 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.