Sumitomo Mitsui DS Asset Management Company Ltd Purchases 100,810 Shares of The Bank of New York Mellon Corporation (NYSE:BK)

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 121.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,602 shares of the bank's stock after purchasing an additional 100,810 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Bank of New York Mellon were worth $15,399,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Bank of New York Mellon in the fourth quarter valued at approximately $1,150,462,000. FMR LLC lifted its holdings in shares of Bank of New York Mellon by 19.3% during the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after acquiring an additional 3,732,862 shares during the last quarter. Northern Trust Corp grew its position in Bank of New York Mellon by 19.1% in the fourth quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock worth $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. GAMMA Investing LLC increased its stake in Bank of New York Mellon by 9,538.9% in the first quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank's stock valued at $117,414,000 after acquiring an additional 1,385,434 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Bank of New York Mellon during the fourth quarter valued at about $90,955,000. Hedge funds and other institutional investors own 85.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BK shares. Morgan Stanley upped their price objective on Bank of New York Mellon from $94.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Citigroup upped their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the stock a "neutral" rating in a research note on Monday, March 24th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday. Truist Financial lowered shares of Bank of New York Mellon from a "buy" rating to a "hold" rating and boosted their price objective for the stock from $87.00 to $97.00 in a report on Wednesday, May 28th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $92.08.

Insider Activity

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,641 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $77.50, for a total value of $437,177.50. Following the completion of the sale, the insider directly owned 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Catherine Keating sold 65,473 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the transaction, the vice president owned 87,542 shares in the company, valued at $6,767,872.02. This trade represents a 42.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,114 shares of company stock valued at $7,869,795. Corporate insiders own 0.14% of the company's stock.

Bank of New York Mellon Trading Up 1.5%

BK traded up $1.39 during midday trading on Wednesday, reaching $92.04. 4,257,223 shares of the company's stock traded hands, compared to its average volume of 4,114,051. The Bank of New York Mellon Corporation has a 52 week low of $59.19 and a 52 week high of $92.64. 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 fifty day moving average of $87.50 and a two-hundred day moving average of $83.77. The stock has a market capitalization of $65.85 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 1.02 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, April 11th. The bank reported $1.58 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 12.96% and a net margin of 11.78%. The firm's revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.29 earnings per share. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Monday, April 21st were given a $0.47 dividend. The ex-dividend date was Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.04%. 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.