Sumitomo Mitsui Trust Holdings Inc. Reduces Stake in The Bank of New York Mellon Co. (NYSE:BK)

Sumitomo Mitsui Trust Holdings Inc. cut its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,076,229 shares of the bank’s stock after selling 38,098 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.27% of Bank of New York Mellon worth $108,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $503,489,000. Moneta Group Investment Advisors LLC grew its stake in shares of Bank of New York Mellon by 74,433.7% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 6,114,741 shares of the bank’s stock valued at $278,343,000 after buying an additional 6,106,537 shares during the last quarter. Barclays PLC grew its stake in shares of Bank of New York Mellon by 126.2% during the second quarter. Barclays PLC now owns 2,885,446 shares of the bank’s stock valued at $128,462,000 after buying an additional 1,609,730 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $66,916,000. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Bank of New York Mellon by 142.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank’s stock valued at $69,125,000 after buying an additional 951,730 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $53.99 on Wednesday. The Bank of New York Mellon Co. has a 52 week low of $39.65 and a 52 week high of $58.28. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.87. The stock has a market capitalization of $40.64 billion, a PE ratio of 13.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.12. The stock’s 50-day moving average price is $55.75 and its 200-day moving average price is $51.08.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, April 16th. The bank reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a return on equity of 11.63% and a net margin of 10.01%. The firm had revenue of $4.53 billion for the quarter, compared to analysts’ expectations of $4.39 billion. During the same period last year, the firm earned $1.13 EPS. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities analysts expect that The Bank of New York Mellon Co. will post 5.33 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 9th. Investors of record on Friday, April 26th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.11%. Bank of New York Mellon’s payout ratio is 42.32%.

Insider Buying and Selling

In related news, VP Catherine Keating sold 4,498 shares of Bank of New York Mellon stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, March 27th. UBS Group upped their target price on Bank of New York Mellon from $54.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, January 9th. Citigroup upped their target price on Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Evercore ISI upped their target price on Bank of New York Mellon from $57.00 to $61.00 and gave the stock an “in-line” rating in a report on Thursday, April 4th. Finally, Morgan Stanley upgraded Bank of New York Mellon from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $52.00 to $62.00 in a report on Tuesday, January 30th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $56.72.

Bank of New York Mellon Company 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.