Sumitomo Mitsui Financial Group Inc. Boosts Stake in The Bank of New York Mellon Corporation $BK

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

Sumitomo Mitsui Financial Group Inc. boosted its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 42.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,462 shares of the bank's stock after buying an additional 5,179 shares during the period. Sumitomo Mitsui Financial Group Inc.'s holdings in Bank of New York Mellon were worth $1,465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth about $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon in the first quarter worth about $25,000. Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth about $28,000. Finally, REAP Financial Group LLC lifted its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank's stock worth $30,000 after buying an additional 218 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on BK. Keefe, Bruyette & Woods raised their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the company an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, Truist Financial lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a report on Thursday, August 14th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.08.

Bank of New York Mellon Stock Performance

BK traded up $0.7660 during mid-day trading on Friday, reaching $102.5460. 3,471,633 shares of the company traded hands, compared to its average volume of 3,302,293. The stock has a market capitalization of $72.32 billion, a P/E ratio of 15.66, a P/E/G ratio of 0.96 and a beta of 1.12. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company's fifty day moving average price is $96.97 and its 200-day moving average price is $88.62. The Bank of New York Mellon Corporation has a 52-week low of $65.50 and a 52-week high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts' consensus estimates of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.51 EPS. On average, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were paid a dividend of $0.53 per share. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.1%. This is a boost from Bank of New York Mellon's previous quarterly dividend of $0.47. Bank of New York Mellon's dividend payout ratio (DPR) is presently 32.37%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the completion of the sale, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. The trade was a 36.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company's stock.

About Bank of New York Mellon

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.