Patton Fund Management Inc. Sells 4,610 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Patton Fund Management Inc. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 5.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 79,299 shares of the bank’s stock after selling 4,610 shares during the period. Patton Fund Management Inc.’s holdings in Bank of New York Mellon were worth $5,698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Marshall Wace LLP boosted its holdings in Bank of New York Mellon by 99.4% in the second quarter. Marshall Wace LLP now owns 2,631,213 shares of the bank’s stock valued at $157,583,000 after acquiring an additional 1,311,969 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in shares of Bank of New York Mellon by 6,040.9% in the 2nd quarter. Panagora Asset Management Inc. now owns 1,037,806 shares of the bank’s stock valued at $62,154,000 after purchasing an additional 1,020,906 shares during the last quarter. M&G Plc acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $55,543,000. Swedbank AB bought a new position in Bank of New York Mellon during the first quarter worth $35,514,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Bank of New York Mellon by 89.5% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 1,216,146 shares of the bank’s stock valued at $72,835,000 after buying an additional 574,319 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BK. StockNews.com upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Monday. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Morgan Stanley increased their price target on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a report on Monday, September 30th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday. Finally, Citigroup increased their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, September 19th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Stock Up 0.3 %

BK traded up $0.23 during midday trading on Thursday, reaching $77.53. 653,660 shares of the company were exchanged, compared to its average volume of 3,873,879. The company has a market cap of $57.98 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The Bank of New York Mellon Co. has a one year low of $41.15 and a one year high of $78.03. The company’s fifty day moving average price is $69.26 and its 200 day moving average price is $62.83. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Monday, October 21st will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.42%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 43.52%.

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.