Allstate Corp Takes $1.66 Million Position in The Bank of New York Mellon Co. (NYSE:BK)

Allstate Corp bought a new position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 21,575 shares of the bank's stock, valued at approximately $1,658,000.

Several other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $1,150,462,000. Wellington Management Group LLP boosted its position in shares of Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock valued at $234,189,000 after acquiring an additional 3,142,869 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at about $90,955,000. Zacks Investment Management purchased a new position in shares of Bank of New York Mellon during the third quarter worth about $62,589,000. Finally, State Street Corp increased its position in shares of Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank's stock worth $2,393,915,000 after purchasing an additional 659,096 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on BK shares. Barclays boosted their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an "overweight" rating in a research note on Thursday, January 16th. Truist Financial increased their target price 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. Deutsche Bank Aktiengesellschaft lifted their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Morgan Stanley reduced their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Royal Bank of Canada restated a "sector perform" rating and issued a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $90.07.

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Bank of New York Mellon Trading Down 6.5 %

NYSE:BK traded down $5.22 during midday trading on Friday, reaching $74.69. 1,724,778 shares of the stock traded hands, compared to its average volume of 3,902,736. The stock has a market capitalization of $53.63 billion, a P/E ratio of 12.89, a PEG ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $90.34. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The company has a fifty day moving average of $85.23 and a 200 day moving average of $79.93.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the business posted $1.28 earnings per share. Bank of New York Mellon's revenue for the quarter was up 11.2% on a year-over-year basis. On average, research analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders 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 yield of 2.52%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon's payout ratio is currently 32.36%.

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.