State of Alaska Department of Revenue Lowers Position in The Bank of New York Mellon Corporation $BK

State of Alaska Department of Revenue decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 5.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 75,719 shares of the bank’s stock after selling 4,630 shares during the period. State of Alaska Department of Revenue’s holdings in Bank of New York Mellon were worth $8,250,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Investment Management Corp of Ontario raised its holdings in Bank of New York Mellon by 25.9% in the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock worth $11,435,000 after purchasing an additional 25,842 shares in the last quarter. Permanent Capital Management LP purchased a new stake in shares of Bank of New York Mellon in the 3rd quarter worth about $2,262,000. Highland Capital Management LLC bought a new position in shares of Bank of New York Mellon in the 3rd quarter worth about $1,639,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Bank of New York Mellon by 150.5% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,654 shares of the bank’s stock valued at $7,804,000 after acquiring an additional 51,457 shares during the period. Finally, OFI Invest Asset Management boosted its stake in Bank of New York Mellon by 826.0% during the third quarter. OFI Invest Asset Management now owns 206,964 shares of the bank’s stock worth $22,551,000 after acquiring an additional 184,614 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

BK stock opened at $119.03 on Friday. The stock has a market capitalization of $83.01 billion, a PE ratio of 17.18, a price-to-earnings-growth ratio of 0.93 and a beta of 1.11. The stock’s 50 day simple moving average is $113.67 and its 200 day simple moving average is $106.40. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $122.36. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. As a group, research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were paid a dividend of $0.53 per share. The ex-dividend date was Monday, October 27th. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Wall Street Analyst Weigh In

BK has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 17th. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Monday, December 29th. TD Cowen increased their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley raised their price target on Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a report on Wednesday, December 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $115.43.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.