Dodge & Cox Reduces $342M in Bank of New York Mellon Corp ($BK)
The investment firm trimmed its holdings in Bank of New York Mellon, reflecting a decrease of 2.4 million shares.
Key Points
- Dodge & Cox reduced its stake in Bank of New York Mellon by 9.3%, selling 2.4 million shares and now holds 23.4 million shares.
- Shares of NYQ:BK traded near $142.09 with a market cap of $94.1 billion and a P/E ratio of 17.0.
- Bank of New York Mellon offers a dividend yield of 1.53% with an annual rate of $2.12 and a payout ratio of 25.56%.
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Dodge & Cox has trimmed its stake in Bank of New York Mellon Corp (NYSE: BK), reducing its holdings by about 2.4 million shares. This adjustment reflects a 9.3% decrease, bringing its total ownership to approximately 23.4 million shares, valued at around $3.33 billion. The change was disclosed in a recent Form 13F filing with the SEC.
What Changed in Dodge & Cox's Bank of New York Mellon Position
Dodge & Cox's recent filing shows that it reduced its Bank of New York Mellon position from 25.8 million shares to 23.4 million shares. This reduction of 2.4 million shares represents a 9.3% decrease in its holdings as of the reporting period.
Bank of New York Mellon Corp Stock Up 3.6%
Shares of Bank of New York Mellon (NYSE: BK) were trading around $142.09. The company boasts a market capitalization of approximately $94.1 billion and a P/E ratio of 17.0. Its forward P/E stands at 14.2, with a beta of 1.068. The stock has seen a 52-week low of $87.41 and a high of $141.65. The 50-day moving average is $129.85, while the 200-day moving average is $117.22.
$BK stock price
Daily closing prices, year to date. Not investment advice.
Recent Earnings
Bank of New York Mellon reported revenue of $20.75 billion, with a revenue growth of 13.4%. Its net margin is 28.7%, and return on equity is 13.5%. The company's earnings per share (EPS) is $8.06. The next earnings date was not provided.
Dividend
Bank of New York Mellon offers a dividend rate of $2.12 per share, translating to a yield of 1.53%. The dividend payout ratio is 25.56%.
About Bank of New York Mellon
Bank of New York Mellon Corporation, headquartered in New York, NY, provides a range of financial products and services both in the United States and internationally. The company operates through several segments, including Securities Services, Market and Wealth Services, and Investment and Wealth Management. Led by CEO Mr. Robin Antony Vince, the company employs about 47,200 people.
Bottom Line
Dodge & Cox's decision to reduce its stake in Bank of New York Mellon by 9.3% is part of its portfolio management strategy. Investors often track such filings for insights into institutional sentiment, but it's important to remember that these 13F filings are backward-looking and may not reflect the investor's current position.
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