Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in The Bank of New York Mellon Corporation (NYSE:BK)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,792,193 shares of the bank's stock after acquiring an additional 64,592 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Bank of New York Mellon worth $150,311,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. FMR LLC increased its position in shares of Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock valued at $1,772,590,000 after acquiring an additional 3,732,862 shares during the last quarter. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $1,150,462,000. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 0.3% during the fourth quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank's stock valued at $908,281,000 after acquiring an additional 35,413 shares during the last quarter. Northern Trust Corp increased its position in shares of Bank of New York Mellon by 19.1% during the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Bank of New York Mellon by 17.0% during 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 last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BK shares. Morgan Stanley increased their price target on Bank of New York Mellon from $94.00 to $95.00 and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Truist Financial lowered Bank of New York Mellon from a "buy" rating to a "hold" rating and increased their price objective for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Citigroup increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Royal Bank Of Canada reissued a "sector perform" rating and set a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Wells Fargo & Company increased their price objective on 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus price target of $91.85.

Insider Activity at Bank of New York Mellon

In related news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the completion of the sale, the vice president now owns 87,542 shares of the company's stock, valued at approximately $6,767,872.02. This trade represents a 42.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,641 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the sale, the insider now directly owns 21,679 shares of the company's stock, valued at $1,680,122.50. This represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,114 shares of company stock valued at $7,869,795. Company insiders own 0.14% of the company's stock.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $91.28 on Friday. The Bank of New York Mellon Corporation has a one year low of $59.19 and a one year high of $92.64. The business has a fifty day moving average price of $86.88 and a 200-day moving average price of $83.61. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market capitalization of $65.31 billion, a P/E ratio of 14.87, a PEG ratio of 1.02 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.96% and a net margin of 11.78%. The firm had revenue of $4.79 billion during the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the company earned $1.29 earnings per share. The business's revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities research analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 2nd. Investors of record on Monday, April 21st were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.06%. The ex-dividend date was Monday, April 21st. Bank of New York Mellon's dividend 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.

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