The New York State Common Retirement Fund has boosted its investment in The Bank of New York Mellon Corporation (NYSE: BK) by 0.3% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the fund now holds 813,334 shares after acquiring an additional 2,500 shares in that period. This stake is valued at approximately $74.1 million, representing about 0.12% of the bank’s total shares.
A number of other institutional investors have also adjusted their positions in BNY Mellon. Williamson Legacy Group LLC significantly increased its holdings by 122.3%, bringing its total to 7,618 shares worth around $694,000. Similarly, Virtus Investment Advisers LLC raised its stake by 7.1%, now owning 17,619 shares valued at $1.6 million. Norges Bank made a notable entry by purchasing a stake worth approximately $1.08 billion during the same quarter. Scotia Capital Inc. and Level Four Advisory Services LLC also expanded their investments, contributing to institutional ownership, which now accounts for 85.31% of the company’s stock.
Wall Street Analysts React
Analysts from various equity research firms have recently shared their insights on BNY Mellon’s stock. Citigroup increased its price target from $92.00 to $105.00, maintaining a “neutral” rating. Weiss Ratings reaffirmed a “buy” rating, while Keefe, Bruyette & Woods raised their target from $120.00 to $124.00 and issued an “outperform” rating. TD Cowen also raised its price objective from $130.00 to $133.00, giving the bank a “buy” rating. The Goldman Sachs Group similarly lifted its target from $106.00 to $120.00 with a “buy” rating.
Currently, ten analysts have rated the stock as a Buy and six have issued a Hold rating. According to data from MarketBeat.com, BNY Mellon holds an average rating of “Moderate Buy” with a consensus target price of $111.29.
Performance and Dividend Announcements
The stock opened at $111.94 on the last trading day, with a market capitalization of $78.06 billion. BNY Mellon has a price-to-earnings ratio of 16.15 and a PEG ratio of 0.98. Over the past 12 months, the stock has fluctuated between a low of $70.46 and a high of $113.74.
In terms of earnings, BNY Mellon reported $1.30 earnings per share (EPS) for the last quarter, with total revenue reaching $4.38 billion. The bank recorded a return on equity of 14.03% and a net margin of 12.86%. Analysts predict the bank will achieve $6.96 in EPS for the current fiscal year.
Additionally, BNY Mellon recently declared a quarterly dividend of $0.53 per share, which was paid on November 7, 2023. This brings the annualized dividend to $2.12, reflecting a dividend yield of 1.9%. The ex-dividend date was set for October 27, 2023, with a payout ratio currently at 30.59%.
The Bank of New York Mellon Corporation offers a wide range of financial products and services both in the United States and globally. Its operations encompass several segments, including Securities Services, Market and Wealth Services, and Investment and Wealth Management, among others.
