Parnassus Investments LLC Sells 42,062 Shares of The Bank of New York Mellon Corporation $BK

Parnassus Investments LLC decreased its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,505,359 shares of the bank’s stock after selling 42,062 shares during the quarter. Parnassus Investments LLC’s holdings in Bank of New York Mellon were worth $272,984,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BK. Westside Investment Management Inc. lifted its position in Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after acquiring an additional 127 shares during the period. Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. GFG Capital LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $36,000. Caldwell Trust Co purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $36,000. Finally, Princeton Global Asset Management LLC raised its holdings in shares of Bank of New York Mellon by 89.0% during the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock worth $41,000 after purchasing an additional 210 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BK shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Monday, December 29th. The Goldman Sachs Group raised their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Barclays upped their target price on shares of 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. TD Cowen boosted their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, 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. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $115.43.

Bank of New York Mellon Stock Down 0.8%

Bank of New York Mellon stock opened at $119.03 on Friday. The stock’s fifty day moving average is $113.67 and its two-hundred day moving average is $106.40. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $122.36. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market cap of $83.01 billion, a PE ratio of 17.18, a P/E/G ratio of 0.93 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 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 14.03% and a net margin of 12.86%. On average, sell-side analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s payout ratio is currently 30.59%.

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.