Corebridge Financial Inc. Sells 4,455 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Corebridge Financial Inc. cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 196,993 shares of the bank's stock after selling 4,455 shares during the period. Corebridge Financial Inc.'s holdings in Bank of New York Mellon were worth $15,135,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. FMR LLC boosted its position in Bank of New York Mellon by 78.6% during the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank's stock worth $1,389,680,000 after acquiring an additional 8,512,404 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank's stock worth $234,189,000 after purchasing an additional 3,142,869 shares during the period. Raymond James Financial Inc. purchased a new position in Bank of New York Mellon during the fourth quarter valued at approximately $90,955,000. Zacks Investment Management acquired a new position in Bank of New York Mellon in the 3rd quarter valued at approximately $62,589,000. Finally, State Street Corp lifted its position in Bank of New York Mellon by 2.0% in the 3rd quarter. State Street Corp now owns 33,313,594 shares of the bank's stock worth $2,393,915,000 after buying an additional 659,096 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BK shares. Barclays upped 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. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 3rd. Morgan Stanley lifted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, January 16th. UBS Group increased their price objective on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a "buy" rating in a report on Tuesday, January 21st. Finally, Royal Bank of Canada reissued 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 equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.71.

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Bank of New York Mellon Stock Performance

BK stock traded down $1.81 during mid-day trading on Friday, reaching $82.67. 2,643,554 shares of the stock traded hands, compared to its average volume of 3,898,259. 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 business has a 50-day moving average of $85.34 and a two-hundred day moving average of $79.53. The firm has a market capitalization of $59.35 billion, a PE ratio of 14.23, a P/E/G ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion during the quarter, compared to the consensus estimate 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 firm's revenue for the quarter was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.28 EPS. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors 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 2.27%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon's dividend payout ratio (DPR) 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.