Sumitomo Mitsui Financial Group Inc. Purchases 2,204 Shares of The Bank of New York Mellon Corporation $BK

Sumitomo Mitsui Financial Group Inc. grew its position in The Bank of New York Mellon Corporation (NYSE:BK) by 12.6% in the second quarter, HoldingsChannel.com reports. The fund owned 19,666 shares of the bank’s stock after buying an additional 2,204 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in Bank of New York Mellon were worth $1,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Nuveen LLC bought a new position in Bank of New York Mellon during the first quarter worth about $773,627,000. Goldman Sachs Group Inc. lifted its position in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock valued at $423,858,000 after buying an additional 1,052,145 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Bank of New York Mellon by 257.6% during the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock worth $103,685,000 after acquiring an additional 890,593 shares during the period. AQR Capital Management LLC increased its holdings in shares of Bank of New York Mellon by 37.7% during the 1st quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after acquiring an additional 887,361 shares during the last quarter. Finally, Citigroup Inc. raised its stake in Bank of New York Mellon by 126.9% in the 1st quarter. Citigroup Inc. now owns 1,557,145 shares of the bank’s stock valued at $130,598,000 after acquiring an additional 870,844 shares during the period. 85.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Barclays lifted their target price on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Keefe, Bruyette & Woods increased their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. TD Cowen raised their price objective on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Tuesday. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Stock Up 2.2%

NYSE BK opened at $111.52 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The company has a market cap of $77.77 billion, a price-to-earnings ratio of 16.09, a PEG ratio of 0.98 and a beta of 1.13. The company has a 50 day moving average of $108.10 and a 200-day moving average of $100.52. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $113.74.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. On average, equities research analysts expect 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 declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is 30.59%.

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.