LGT Group Foundation Has $483,000 Stock Position in The Bank of New York Mellon Corporation $BK

LGT Group Foundation lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 63.8% during the third quarter, Holdings Channel reports. The firm owned 4,519 shares of the bank’s stock after selling 7,965 shares during the period. LGT Group Foundation’s holdings in Bank of New York Mellon were worth $483,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Russell Investments Group Ltd. grew its stake in Bank of New York Mellon by 52.0% during the third quarter. Russell Investments Group Ltd. now owns 889,460 shares of the bank’s stock worth $96,991,000 after buying an additional 304,346 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Bank of New York Mellon by 2.6% in the 3rd quarter. Private Advisor Group LLC now owns 58,282 shares of the bank’s stock valued at $6,350,000 after buying an additional 1,482 shares in the last quarter. ProVise Management Group LLC lifted its holdings in shares of Bank of New York Mellon by 1.3% during the 3rd quarter. ProVise Management Group LLC now owns 96,517 shares of the bank’s stock worth $10,516,000 after acquiring an additional 1,221 shares during the period. B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Bank of New York Mellon by 0.5% during the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 59,415 shares of the bank’s stock worth $6,474,000 after acquiring an additional 271 shares during the period. Finally, Vinva Investment Management Ltd boosted its position in shares of Bank of New York Mellon by 59.7% during the 3rd quarter. Vinva Investment Management Ltd now owns 110,250 shares of the bank’s stock worth $12,100,000 after acquiring an additional 41,200 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $115.18 on Tuesday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $79.27 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.08 and a beta of 1.10. The firm has a 50 day simple moving average of $119.65 and a 200 day simple moving average of $112.92.

Bank of New York Mellon (NYSE:BK) last posted its 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 for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. Research analysts predict 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s payout ratio is currently 28.61%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BK. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. TD Cowen lifted their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price target for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. Finally, Barclays raised their price objective on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $131.92.

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.