CANADA LIFE ASSURANCE Co Reduces Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

CANADA LIFE ASSURANCE Co cut its stake in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 4.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,461,204 shares of the bank's stock after selling 64,576 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.20% of Bank of New York Mellon worth $112,249,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Graney & King LLC bought a new position in shares of Bank of New York Mellon during the 4th quarter valued at approximately $35,000. Centricity Wealth Management LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $39,000. TCTC Holdings LLC lifted its holdings in Bank of New York Mellon by 257.5% during the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank's stock worth $46,000 after purchasing an additional 430 shares in the last quarter. Modus Advisors LLC bought a new position in Bank of New York Mellon in the 4th quarter worth about $49,000. Finally, Friedenthal Financial bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $56,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now owns 21,679 shares of the company's stock, valued at approximately $1,680,122.50. This trade represents a 20.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Truist Financial reduced their price target on shares of Bank of New York Mellon from $90.00 to $87.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Evercore ISI lifted their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research report on Tuesday, April 1st. Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft upped their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a "buy" rating in a research report on Thursday, January 16th. Finally, Wolfe Research lowered Bank of New York Mellon from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $91.31.

Bank of New York Mellon Stock Up 2.8 %

BK traded up $2.04 on Tuesday, hitting $76.08. The company had a trading volume of 1,087,750 shares, compared to its average volume of 3,943,238. The Bank of New York Mellon Co. has a 52-week low of $56.08 and a 52-week high of $90.34. The stock has a fifty day simple moving average of $82.49 and a 200-day simple moving average of $80.44. 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 firm has a market capitalization of $54.62 billion, a P/E ratio of 13.09, a P/E/G ratio of 0.97 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating the consensus estimate of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same quarter last year, the firm posted $1.29 earnings per share. The company's revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities analysts expect that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Monday, April 21st will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, April 21st. Bank of New York Mellon's payout ratio is 30.62%.

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.