The Bank of New York Mellon Co. (NYSE:BK) Shares Sold by Sumitomo Mitsui Financial Group Inc.

Sumitomo Mitsui Financial Group Inc. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 31.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 12,283 shares of the bank’s stock after selling 5,574 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Bank of New York Mellon were worth $944,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Graney & King LLC bought a new position in Bank of New York Mellon during the 4th quarter worth approximately $35,000. Centricity Wealth Management LLC bought a new position in Bank of New York Mellon during the fourth quarter worth $39,000. TCTC Holdings LLC boosted its holdings in Bank of New York Mellon by 257.5% in the fourth quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after purchasing an additional 430 shares during the period. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the fourth quarter valued at $49,000. Finally, Friedenthal Financial acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $56,000. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

BK has been the subject of several research reports. Citigroup lifted their price target on shares of 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. UBS Group upped their target price on Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Finally, StockNews.com cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $89.86.

Bank of New York Mellon Stock Down 8.4 %

BK stock opened at $73.17 on Monday. The firm’s 50-day moving average is $84.98 and its two-hundred day moving average is $80.08. The company has a market capitalization of $52.53 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period last year, the firm earned $1.28 EPS. The firm’s revenue for the quarter was up 11.2% on a year-over-year basis. On average, analysts forecast that The Bank of New York Mellon Co. will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.57%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is presently 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.