Mainstay Capital Management LLC ADV Lowers Position in The Bank of New York Mellon Corporation $BK

Mainstay Capital Management LLC ADV decreased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 49.5% during the third quarter, according to its most recent filing with the SEC. The firm owned 12,123 shares of the bank’s stock after selling 11,881 shares during the period. Mainstay Capital Management LLC ADV’s holdings in Bank of New York Mellon were worth $1,321,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in BK. Swiss Life Asset Management Ltd lifted its position in Bank of New York Mellon by 77.8% during the third quarter. Swiss Life Asset Management Ltd now owns 196,665 shares of the bank’s stock valued at $21,429,000 after buying an additional 86,076 shares during the period. Groupama Asset Managment purchased a new stake in shares of Bank of New York Mellon in the 3rd quarter worth about $1,079,000. Polar Asset Management Partners Inc. bought a new position in shares of Bank of New York Mellon in the 3rd quarter worth about $6,475,000. Trust Investment Advisors purchased a new position in Bank of New York Mellon during the 3rd quarter valued at about $214,000. Finally, CIBC Bancorp USA Inc. purchased a new position in Bank of New York Mellon during the 3rd quarter valued at about $10,641,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of BK opened at $114.61 on Thursday. The company has a market capitalization of $78.88 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.08 and a beta of 1.10. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a 50 day moving average of $119.32 and a 200 day moving average of $113.42. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $128.76.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The business had revenue of $5.07 billion for the quarter. As a group, equities research analysts anticipate 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 firm 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 of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BK shares. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price objective for the stock from $119.00 to $134.00 in a report on Wednesday, January 7th. TD Cowen boosted their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Morgan Stanley upped their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” 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. Finally, Wells Fargo & Company lifted their price objective on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Profile

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.