Franklin Resources Inc. Reduces Stock Holdings in The Bank of New York Mellon Corporation $BK

Franklin Resources Inc. lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 17.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,634,860 shares of the bank’s stock after selling 349,467 shares during the period. Franklin Resources Inc.’s holdings in Bank of New York Mellon were worth $178,411,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BK. Bank of Montreal Can increased its position in shares of Bank of New York Mellon by 27.8% during the third quarter. Bank of Montreal Can now owns 904,450 shares of the bank’s stock valued at $98,549,000 after buying an additional 196,895 shares during the period. Sienna Gestion purchased a new stake in Bank of New York Mellon in the third quarter worth about $12,110,000. Russell Investments Group Ltd. boosted its position in Bank of New York Mellon by 52.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 889,460 shares of the bank’s stock valued at $96,991,000 after acquiring an additional 304,346 shares in the last quarter. Private Advisor Group LLC grew its holdings in shares of Bank of New York Mellon by 2.6% during the 3rd quarter. Private Advisor Group LLC now owns 58,282 shares of the bank’s stock worth $6,350,000 after acquiring an additional 1,482 shares during the period. Finally, ProVise Management Group LLC grew 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. 85.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday. Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. 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 report on Monday, January 5th. Royal Bank Of Canada boosted their target price on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Finally, New Street Research set a $143.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Trading Up 0.0%

NYSE BK opened at $117.18 on Friday. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $128.76. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock’s fifty day moving average price is $119.66 and its 200-day moving average price is $113.07. The stock has a market cap of $80.64 billion, a P/E ratio of 15.81, a P/E/G ratio of 1.09 and a beta of 1.10.

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 (EPS) 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 14.37% and a net margin of 13.62%. As a group, equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s payout ratio is 28.61%.

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.