California Public Employees Retirement System Has $120.69 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

California Public Employees Retirement System trimmed its position in The Bank of New York Mellon Co. (NYSE:BK) by 11.7% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,570,863 shares of the bank’s stock after selling 208,552 shares during the period. California Public Employees Retirement System’s holdings in Bank of New York Mellon were worth $120,689,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,150,462,000. Wellington Management Group LLP lifted its holdings in Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after acquiring an additional 3,142,869 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $90,955,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after acquiring an additional 1,125,493 shares in the last quarter. Finally, Zacks Investment Management acquired a new stake in shares of Bank of New York Mellon during the third quarter worth about $62,589,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays boosted their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Citigroup upped their price target on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a report on Monday, March 24th. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Bank of America boosted their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Stock Performance

BK opened at $82.67 on Monday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The business’s 50-day simple moving average is $85.34 and its 200 day simple moving average is $79.69. The firm has a market capitalization of $59.35 billion, a PE ratio of 14.23, a PEG ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same quarter in the prior year, the business posted $1.28 EPS. The business’s revenue was up 11.2% compared to the same quarter last year. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Bank of New York Mellon Company 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.