Korea Investment CORP Sells 13,199 Shares of The Bank of New York Mellon Corporation $BK

Key Points

• Korea Investment CORP sold 13,199 shares (a 2.3% reduction), leaving it with 551,930 shares of Bank of New York Mellon—about 0.08% of the company valued at roughly $60.14 million.
• Other large investors mostly increased exposure—Vanguard, Geode and Artisan added shares while Norges Bank initiated a roughly $1.08 billion stake—and institutional investors own 85.31% of BK stock.
• BNY Mellon reported Q EPS of $1.91 on $5.07 billion revenue, pays a quarterly dividend of $0.53 (annualized $2.12, yield 1.8%), and carries a consensus analyst rating of "Moderate Buy" with an average target of $131.92.

Korea Investment CORP reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 551,930 shares of the bank's stock after selling 13,199 shares during the period. Korea Investment CORP owned about 0.08% of Bank of New York Mellon worth $60,138,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BK. Vanguard Group Inc. lifted its stake in Bank of New York Mellon by 0.7% in the second quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank's stock valued at $6,477,206,000 after purchasing an additional 517,081 shares during the last quarter. Geode Capital Management LLC increased its position in Bank of New York Mellon by 4.3% in the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank's stock worth $1,717,074,000 after buying an additional 785,478 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of Bank of New York Mellon by 0.9% in the second quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank's stock valued at $1,439,831,000 after buying an additional 139,544 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $1,081,847,000. Finally, First Trust Advisors LP lifted its position in shares of Bank of New York Mellon by 1.5% during the 3rd quarter. First Trust Advisors LP now owns 4,483,889 shares of the bank's stock valued at $488,564,000 after buying an additional 66,010 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

BK stock opened at $115.22 on Monday. The firm has a 50 day simple moving average of $119.69 and a two-hundred day simple moving average of $112.83. The stock has a market cap of $79.30 billion, a PE ratio of 15.55, a P/E/G ratio of 1.08 and a beta of 1.10. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.71.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The firm had revenue of $5.07 billion for the quarter. On average, analysts predict that The Bank of New York Mellon Corporation 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 was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon's dividend payout ratio (DPR) is presently 28.61%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on BK shares. Royal Bank Of Canada increased their price target on Bank of New York Mellon from $124.00 to $130.00 and gave the stock a "sector perform" rating in a research note on Wednesday, January 14th. New Street Research set a $143.00 price objective on Bank of New York Mellon in a research note on Wednesday, January 14th. Truist Financial raised shares of Bank of New York Mellon from a "hold" rating to a "buy" rating and upped their price objective for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. TD Cowen lifted their target price on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a "buy" rating in a research note on Wednesday, January 7th. Finally, Morgan Stanley boosted their price target on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the company an "overweight" rating in a research report on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and a consensus price target of $131.92.

About Bank of New York Mellon

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.

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