Private Management Group Inc. Divests Shares of The Bank of New York Mellon

Private Management Group Inc. has reduced its investment in The Bank of New York Mellon Co. (NYSE:BK) by 18.1% during the fourth quarter, as revealed in their latest 13F filing with the Securities and Exchange Commission. After selling 127,494 shares, the firm now holds 576,426 shares in the bank. This stock represents about 1.6% of Private Management Group Inc.'s total investment portfolio, positioning it as their eighth largest investment. At the close of the most recent reporting period, the value of their holdings in Bank of New York Mellon stood at approximately $44,287,000.

Changes by Other Institutional Investors

In addition to Private Management Group Inc., several other institutional investors have also adjusted their positions in Bank of New York Mellon. Choreo LLC increased its stake by 6.8% during the fourth quarter, now holding 52,913 shares valued at $4,077,000 after acquiring an additional 3,374 shares. Tectonic Advisors LLC raised its position by 5.3%, owning 9,162 shares worth $704,000 after adding 464 shares during the same period. Mirae Asset Global Investments Co. Ltd. boosted its holdings by 11.4%, acquiring a total of 135,558 shares valued at $10,480,000 after purchasing 13,906 additional shares. Furthermore, Y.D. More Investments Ltd increased its stake by 113.9%, now owning 905 shares with a value of $70,000 after buying 482 shares, and Stratos Investment Management LLC raised its holdings by 2.9%, owning 5,109 shares valued at $393,000 after acquiring an extra 142 shares. Collectively, hedge funds and other institutional investors account for 85.31% of the company's stock.

Bank of New York Mellon Stock Performance

As of Thursday, shares of Bank of New York Mellon opened at $85.79. Over the past year, the stock has seen a low of $52.64 and a high of $87.70. The company boasts a market capitalization of $62.38 billion, a price-to-earnings ratio of 14.77, and a beta of 1.08. The current ratio stands at 0.69, while the quick ratio is 0.70, and the debt-to-equity ratio is 0.83. Recent trends show the stock has a 50-day moving average price of $80.44 and a 200-day moving average price of $74.35.

Recent Earnings Announcement

Bank of New York Mellon reported its quarterly earnings on January 15th, with earnings per share (EPS) at $1.72, surpassing the consensus estimate of $1.54 by $0.18. The bank's total revenue for the quarter was $4.85 billion, exceeding analyst expectations of $4.66 billion. The return on equity for the bank was noted at 12.68%, with a net margin of 11.35%. This represented an 11.2% revenue increase compared to the same quarter in the previous year when the EPS was $1.28. Looking forward, analysts project that The Bank of New York Mellon Co. will achieve an EPS of 6.86 for the current fiscal year.

Dividend Information

Recently, the company announced a quarterly dividend that is set to be paid on February 7th. Shareholders of record as of January 27th will receive a dividend of $0.47. The ex-dividend date is also January 27th. This dividend amounts to an annualized $1.88, reflecting a yield of 2.19%, and the bank's payout ratio is calculated at 32.36%.

Changes in Analyst Ratings

Multiple research firms have issued updates regarding their ratings for Bank of New York Mellon. For instance, Wells Fargo & Company elevated their price target from $82.00 to $86.00, maintaining an "equal weight" rating in a latest report. The Royal Bank of Canada reaffirmed a "sector perform" rating with a price objective of $79.00. Truist Financial increased their target from $91.00 to $93.00 with a "buy" rating, while Citigroup raised their price target from $75.00 to $82.00, also giving a "neutral" rating. Deutsche Bank Aktiengesellschaft adjusted their price target from $94.00 to $98.00 and rated the stock as a "buy." Currently, five analysts have provided a hold rating, whereas eleven have issued buy ratings, leading to an overall consensus rating of "Moderate Buy" with an average target price of $88.00.

About Bank of New York Mellon Corporation

The Bank of New York Mellon Corporation is a key provider of various financial products and services in both the United States and internationally. Its operations are divided into multiple sectors including Securities Services, Market and Wealth Services, along with Investment and Wealth Management. The Securities Services division offers a variety of services such as custody, trust and depositary, accounting, middle-office solutions, and data analytics, among others.

finance, investment, bank