State Board of Administration of Florida Retirement System Increases Holdings in The Bank of New York Mellon Corporation $BK

by · The Cerbat Gem

State Board of Administration of Florida Retirement System grew its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK – Free Report) by 1.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 763,265 shares of the bank’s stock after acquiring an additional 10,960 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.11% of Bank of New York Mellon worth $69,541,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Westside Investment Management Inc. increased its position in shares of 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 valued at $26,000 after purchasing an additional 127 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the first quarter worth approximately $32,000. Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the second quarter valued at approximately $32,000. McClarren Financial Advisors Inc. purchased a new stake in Bank of New York Mellon during the first quarter valued at approximately $34,000. Finally, GFG Capital LLC bought a new position in Bank of New York Mellon in the second quarter worth approximately $36,000. Institutional investors own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BK shares. TD Cowen boosted their price objective on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Morgan Stanley upped their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Finally, Truist Financial boosted their price objective on Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

View Our Latest Stock Analysis on BK

Bank of New York Mellon Price Performance

NYSE:BK opened at $111.52 on Friday. The company has a market capitalization of $77.77 billion, a P/E ratio of 16.09, a P/E/G ratio of 0.98 and a beta of 1.13. The business’s 50-day moving average is $108.16 and its 200 day moving average is $100.60. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $113.74.

Bank of New York Mellon (NYSE:BK – Get Free Report) last issued its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion for the quarter. On average, equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is presently 30.59%.

About Bank of New York Mellon

(Free Report)

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.

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