Principal Financial Group Inc. Sells 29,067 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Principal Financial Group Inc. reduced its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 2.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 1,162,841 shares of the bank’s stock after selling 29,067 shares during the period. Principal Financial Group Inc. owned about 0.13% of The Bank of New York Mellon worth $39,932,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Heritage Wealth Advisors increased its holdings in The Bank of New York Mellon by 4,232.1% during the 2nd quarter. Heritage Wealth Advisors now owns 30,325 shares of the bank’s stock worth $27,000 after purchasing an additional 29,625 shares in the last quarter. Campbell Wealth Management bought a new position in shares of The Bank of New York Mellon in the second quarter valued at approximately $31,000. Lloyd Advisory Services LLC. bought a new position in shares of The Bank of New York Mellon in the second quarter valued at approximately $31,000. Balentine LLC grew its holdings in shares of The Bank of New York Mellon by 60.3% in the second quarter. Balentine LLC now owns 880 shares of the bank’s stock valued at $34,000 after acquiring an additional 331 shares in the last quarter. Finally, Berman Capital Advisors LLC grew its holdings in shares of The Bank of New York Mellon by 32.5% in the second quarter. Berman Capital Advisors LLC now owns 1,297 shares of the bank’s stock valued at $50,000 after acquiring an additional 318 shares in the last quarter. 82.08% of the stock is owned by hedge funds and other institutional investors.

NYSE:BK opened at $39.71 on Tuesday. The company has a market cap of $35.19 billion, a P/E ratio of 8.71, a P/E/G ratio of 1.20 and a beta of 1.03. The stock’s fifty day moving average price is $36.34 and its two-hundred day moving average price is $36.64. The Bank of New York Mellon Co. has a 1 year low of $26.40 and a 1 year high of $51.60. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.65 and a quick ratio of 0.65.

The Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 16th. The bank reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.04. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.83 billion. The Bank of New York Mellon had a return on equity of 9.89% and a net margin of 23.09%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.07 earnings per share. On average, analysts expect that The Bank of New York Mellon Co. will post 3.95 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 10th. Investors of record on Wednesday, October 28th were given a $0.31 dividend. The ex-dividend date was Tuesday, October 27th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.12%. The Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.85%.

Several equities analysts have recently issued reports on the company. ValuEngine raised The Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a report on Monday, July 20th. Deutsche Bank Aktiengesellschaft raised The Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price objective for the company from $39.00 to $46.00 in a report on Wednesday, November 11th. Morgan Stanley lowered The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. They noted that the move was a valuation call. Smith Barney Citigroup lowered The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. The Bank of New York Mellon presently has an average rating of “Hold” and a consensus price target of $45.03.

About The Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services to in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. The Investment Service segment offers custody, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, trading, investment, wealth and retirement solutions, technology and enterprise data management, corporate trust, depositary receipts, payments, receivables processing and payables management, trade finance and processing, and collateral management services.

Further Reading: Float

Institutional Ownership by Quarter for The Bank of New York Mellon (NYSE:BK)

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