QRG Capital Management Inc. Sells 275,564 Shares of The Bank of New York Mellon Corporation $BK

QRG Capital Management Inc. lessened its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 60.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 183,702 shares of the bank’s stock after selling 275,564 shares during the period. QRG Capital Management Inc.’s holdings in Bank of New York Mellon were worth $20,016,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Confluence Wealth Services Inc. lifted its position in shares of Bank of New York Mellon by 28.5% in the third quarter. Confluence Wealth Services Inc. now owns 15,109 shares of the bank’s stock worth $1,646,000 after buying an additional 3,348 shares during the last quarter. First National Advisers LLC acquired a new position in shares of Bank of New York Mellon during the 3rd quarter valued at about $3,304,000. Vectors Research Management LLC bought a new position in shares of Bank of New York Mellon in the 3rd quarter valued at approximately $1,404,000. Alliance Wealth Management Group lifted its holdings in Bank of New York Mellon by 7.3% in the 3rd quarter. Alliance Wealth Management Group now owns 2,575 shares of the bank’s stock worth $281,000 after purchasing an additional 175 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its holdings in Bank of New York Mellon by 21.9% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 122,627 shares of the bank’s stock valued at $13,361,000 after purchasing an additional 22,000 shares during the last quarter. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

BK stock opened at $121.34 on Friday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $125.89. The company has a 50 day moving average price of $115.07 and a 200 day moving average price of $107.51. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The stock has a market capitalization of $84.62 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 1.16 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. Analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be issued a dividend of $0.53 per share. The ex-dividend date is Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.7%. Bank of New York Mellon’s payout ratio is currently 28.61%.

Analysts Set New Price Targets

BK has been the subject of a number of analyst reports. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. TD Cowen increased their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price target for the company from $119.00 to $134.00 in a research report on Wednesday, January 7th. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley increased their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday. Nine investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $129.00.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.