Chevy Chase Trust Holdings LLC Reduces Position in The Bank of New York Mellon Corporation $BK

Chevy Chase Trust Holdings LLC trimmed its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 4.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 364,099 shares of the bank’s stock after selling 16,687 shares during the period. Chevy Chase Trust Holdings LLC owned 0.05% of Bank of New York Mellon worth $39,672,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Valley Wealth Managers Inc. purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $33,000. Caldwell Trust Co purchased a new position in Bank of New York Mellon in the 2nd quarter worth approximately $36,000. Westside Investment Management Inc. lifted its stake in Bank of New York Mellon by 44.1% in the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock worth $45,000 after purchasing an additional 127 shares in the last quarter. Dunhill Financial LLC boosted its holdings in shares of Bank of New York Mellon by 130.8% during the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock worth $47,000 after purchasing an additional 242 shares during the last quarter. Finally, Community Bank N.A. grew its position in shares of Bank of New York Mellon by 250.4% in the third quarter. Community Bank N.A. now owns 438 shares of the bank’s stock valued at $48,000 after purchasing an additional 313 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on BK shares. Citigroup began coverage on Bank of New York Mellon in a report on Monday, February 23rd. They issued a “neutral” rating for the company. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. Barclays upped their target price on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a report on Monday, January 5th. Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Stock Down 0.8%

BK stock opened at $116.18 on Monday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The firm has a market cap of $79.96 billion, a PE ratio of 15.68, a PEG ratio of 1.08 and a beta of 1.10. The firm’s 50 day moving average price is $119.65 and its 200-day moving average price is $113.28. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The company had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. On average, equities research analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were issued a dividend of $0.53 per share. The ex-dividend date was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

Bank of New York Mellon Company 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.