Cullen Frost Bankers Inc. Cuts Stock Position in The Bank of New York Mellon Corporation $BK

Cullen Frost Bankers Inc. cut its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 0.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,495 shares of the bank’s stock after selling 124 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Bank of New York Mellon were worth $1,230,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Alpine Bank Wealth Management purchased a new position in shares of Bank of New York Mellon in the first quarter valued at $25,000. Cornerstone Planning Group LLC boosted its stake in Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares during the period. Orion Capital Management LLC purchased a new position in Bank of New York Mellon during the first quarter worth $32,000. Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the second quarter worth $32,000. Finally, Golden State Wealth Management LLC boosted its stake in Bank of New York Mellon by 226.4% during the first quarter. Golden State Wealth Management LLC now owns 408 shares of the bank’s stock worth $34,000 after buying an additional 283 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Down 0.4%

Shares of BK opened at $106.60 on Friday. The firm has a market capitalization of $75.18 billion, a P/E ratio of 15.38, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $110.87. 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 firm has a fifty day moving average price of $105.93 and a 200-day moving average price of $95.28.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Equities research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Monday, October 27th. Bank of New York Mellon’s payout ratio is presently 30.59%.

Analyst Upgrades and Downgrades

Several research firms have commented on BK. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Truist Financial lifted their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Finally, Evercore ISI lifted their price objective on shares of 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. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon 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.