The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group Inc. reduced its position in shares of The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 31.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 12,283 shares of the bank's stock after selling 5,574 shares during the quarter. Sumitomo Mitsui Financial Group Inc.'s holdings in Bank of New York Mellon were worth $944,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $1,150,462,000. FMR LLC lifted its position in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Wellington Management Group LLP boosted its stake in 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 buying an additional 3,142,869 shares during the period. Raymond James Financial Inc. bought a new position in Bank of New York Mellon during the fourth quarter valued at $90,955,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank's stock valued at $595,526,000 after acquiring an additional 1,125,493 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BK has been the topic of several analyst reports. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Barclays increased their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an "overweight" rating in a report on Thursday, January 16th. Morgan Stanley dropped their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating for the company in a report on Wednesday, April 2nd. Royal Bank of Canada reiterated a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a research report on Monday, March 17th. Finally, Bank of America raised their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a "buy" rating in a research note on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $89.86.

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Bank of New York Mellon Stock Up 1.5 %

Bank of New York Mellon stock traded up $1.14 during trading hours on Friday, reaching $77.75. The stock had a trading volume of 6,804,364 shares, compared to its average volume of 3,983,835. The business's 50 day moving average price is $83.63 and its 200-day moving average price is $80.18. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The company has a market cap of $55.82 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to the consensus estimate of $4.76 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. Bank of New York Mellon's revenue was up 5.9% compared to the same quarter last year. During the same period last year, the firm earned $1.29 earnings per share. Sell-side analysts anticipate 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 firm 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 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon's dividend payout ratio is currently 32.36%.

Bank of New York Mellon Company 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.