State of Alaska Department of Revenue Trims Stake in The Bank of New York Mellon Co. (NYSE:BK)

State of Alaska Department of Revenue lowered its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 22.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 82,904 shares of the bank’s stock after selling 24,551 shares during the quarter. State of Alaska Department of Revenue’s holdings in Bank of New York Mellon were worth $6,369,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. FMR LLC raised its position in Bank of New York Mellon by 78.6% during the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares in the last quarter. Zacks Investment Management purchased a new position in shares of Bank of New York Mellon during the 3rd quarter valued at about $62,589,000. State Street Corp lifted its position in Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock worth $2,393,915,000 after buying an additional 659,096 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Bank of New York Mellon by 248.3% in the third quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock worth $61,715,000 after buying an additional 612,287 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $86.15 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a fifty day moving average of $80.61 and a 200 day moving average of $74.51. The firm has a market capitalization of $62.64 billion, a price-to-earnings ratio of 14.83, a PEG ratio of 0.98 and a beta of 1.08. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $87.70.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same quarter in the previous year, the firm posted $1.28 EPS. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. As a group, research analysts expect 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 company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.18%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.36%.

Wall Street Analysts Forecast Growth

BK has been the subject of a number of recent research reports. UBS Group boosted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Barclays boosted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Morgan Stanley raised their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Evercore ISI raised their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Profile

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.