14,974,130 Shares in The Bank of New York Mellon Co. (NYSE:BK) Purchased by Norges Bank

Norges Bank acquired a new stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 14,974,130 shares of the bank's stock, valued at approximately $1,150,462,000. Norges Bank owned approximately 2.06% of Bank of New York Mellon at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the stock. Blair William & Co. IL boosted its holdings in Bank of New York Mellon by 3.9% in the fourth quarter. Blair William & Co. IL now owns 24,605 shares of the bank's stock valued at $1,890,000 after acquiring an additional 930 shares during the last quarter. Caisse Des Depots ET Consignations acquired a new position in Bank of New York Mellon during the 4th quarter valued at about $6,501,000. Loomis Sayles & Co. L P boosted its stake in shares of Bank of New York Mellon by 32.0% in the 4th quarter. Loomis Sayles & Co. L P now owns 1,840 shares of the bank's stock valued at $141,000 after purchasing an additional 446 shares during the last quarter. NEOS Investment Management LLC grew its position in shares of Bank of New York Mellon by 31.6% during the 4th quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank's stock worth $3,584,000 after buying an additional 11,200 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Bank of New York Mellon by 6.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,152,045 shares of the bank's stock valued at $88,627,000 after buying an additional 73,391 shares during the period. 85.31% of the stock is owned by institutional investors.

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Analyst Ratings Changes

Several brokerages have commented on BK. Wolfe Research cut shares of Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Bank of America increased their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. Truist Financial upped their price target on Bank of New York Mellon from $91.00 to $93.00 and gave the company a "buy" rating in a research note on Thursday, January 16th. UBS Group lifted their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus target price of $90.00.

Bank of New York Mellon Price Performance

Shares of NYSE BK traded up $0.08 during midday trading on Tuesday, reaching $83.95. 860,963 shares of the company were exchanged, compared to its average volume of 4,261,431. The Bank of New York Mellon Co. has a one year low of $52.64 and a one year high of $90.34. The stock's 50-day moving average price is $85.35 and its 200-day moving average price is $79.80. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a market cap of $60.28 billion, a P/E ratio of 14.45, a PEG ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company's revenue was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.28 earnings per share. On average, sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon's payout ratio is 32.36%.

About Bank of New York Mellon

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.