Private Management Group Inc. Reduces Stake in The Bank of New York Mellon

Private Management Group Inc. has reduced its investment in The Bank of New York Mellon Co. (NYSE:BK) by 18.1% during the fourth quarter, as revealed in its latest 13F filing with the Securities and Exchange Commission. After selling 127,494 shares, the firm now holds 576,426 shares of the bank's stock. This change underscores a strategic adjustment in Private Management Group Inc.'s portfolio.

The Bank of New York Mellon represents around 1.6% of Private Management Group Inc.'s entire investment portfolio, ranking it as the 8th largest position for the firm. At the conclusion of the most recent reporting period, the stake was valued at approximately $44,287,000, or about 0.08% of the total shares outstanding for the bank.

Changes Among Other Investors

In addition to Private Management Group, other institutional investors have also made adjustments to their positions in The Bank of New York Mellon. For instance, Choreo LLC increased its stake by 6.8% during the fourth quarter, acquiring a total of 52,913 shares worth $4,077,000 after purchasing an additional 3,374 shares.

Similarly, Tectonic Advisors LLC grew its stake by 5.3%, now owning 9,162 shares valued at $704,000 after acquiring 464 shares. Mirae Asset Global Investments Co. Ltd. increased its holdings by 11.4%, bringing its total to 135,558 shares worth $10,480,000 after a purchase of 13,906 additional shares.

Y.D. More Investments Ltd. raised its position significantly, by 113.9%, ending up with 905 shares valued at $70,000 after adding 482 shares. Stratos Investment Management LLC also made a smaller increase of 2.9% in its holdings, now owning 5,109 shares valued at $393,000 after acquiring 142 shares. Overall, hedge funds and other institutional investors collectively possess 85.31% of the bank's stock.

Stock Performance and Financials

The Bank of New York Mellon saw trading up by 1.1% recently, with shares opening at $85.79. The bank's stock has experienced a 12-month low of $52.64 and a high of $87.70. The company currently holds a market capitalization of $62.38 billion and has a price-to-earnings (PE) ratio of 14.77, with a price-to-earnings-growth (PEG) ratio of 0.98, indicating a stable growth outlook.

Recent financial disclosures revealed that for the quarter ending January 15th, the bank posted earnings per share (EPS) of $1.72, exceeding the consensus estimate of $1.54 by $0.18. The revenue stood at $4.85 billion, surpassing the expected figure of $4.66 billion. This marks an 11.2% increase compared to the same quarter from the previous year.

Dividend Updates

The bank has also announced a quarterly dividend of $0.47, which is set to be paid on February 7th. Shareholders who are on record by January 27th will be eligible for this payment. This dividend reflects an annual payout of $1.88 and a yield of 2.19%, with a payout ratio of 32.36%.

Analyst Ratings

Several analysts have recently updated their ratings for The Bank of New York Mellon. Wells Fargo & Company raised their target price from $82.00 to $86.00, maintaining an 'equal weight' rating. Additionally, Royal Bank of Canada retained its 'sector perform' rating with a target price of $79.00.

Truist Financial increased their target price from $91.00 to $93.00, assigning a 'buy' rating to the stock. Citigroup also raised its price target from $75.00 to $82.00, labeling it as 'neutral.' Deutsche Bank Aktiengesellschaft set a new price objective of $98.00, reaffirming a 'buy' rating.

Overall, five analysts have suggested a hold rating for the stock, while eleven others have a 'buy' rating. The average target price based on consensus estimates is approximately $88.00.

The Company Overview

The Bank of New York Mellon Corporation is a large firm providing various financial products and services both in the United States and internationally. Its operations include segments such as Securities Services and Wealth Management among others. They offer diverse services including custody, accounting, and data analytics, to name a few.

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