KLP Kapitalforvaltning AS Makes New $28.33 Million Investment in The Bank of New York Mellon Co. (NYSE:BK)

KLP Kapitalforvaltning AS purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 368,710 shares of the bank’s stock, valued at approximately $28,328,000.

A number of other large investors have also bought and sold shares of BK. Centricity Wealth Management LLC acquired a new stake in Bank of New York Mellon in the fourth quarter worth $39,000. TCTC Holdings LLC lifted its stake in shares of Bank of New York Mellon by 257.5% in the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after buying an additional 430 shares in the last quarter. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at $49,000. Friedenthal Financial bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at $56,000. Finally, Asset Dedication LLC lifted its stake in shares of Bank of New York Mellon by 342.1% in the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after buying an additional 585 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BK. Truist Financial raised their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a research note on Monday, March 17th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Bank of America raised their price target on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average price target of $89.50.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $83.46 on Friday. The firm has a market cap of $59.92 billion, a price-to-earnings ratio of 14.36, a P/E/G ratio of 0.97 and a beta of 1.06. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The firm’s 50-day simple moving average is $84.88 and its two-hundred day simple moving average is $79.02.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.28 earnings per share. As a group, equities analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were paid a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a dividend yield of 2.25%. Bank of New York Mellon’s payout ratio is 32.36%.

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.