Treasurer of the State of North Carolina Decreases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Treasurer of the State of North Carolina lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 7.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 333,544 shares of the bank’s stock after selling 27,992 shares during the period. Treasurer of the State of North Carolina’s holdings in Bank of New York Mellon were worth $25,626,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. FMR LLC grew its stake in Bank of New York Mellon by 19.3% in the 4th quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock valued at $1,772,590,000 after purchasing an additional 3,732,862 shares during the period. Norges Bank bought a new position in Bank of New York Mellon during the fourth quarter valued at about $1,150,462,000. Arrowstreet Capital Limited Partnership increased its holdings in Bank of New York Mellon by 17.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after buying an additional 1,125,493 shares during the last quarter. Invesco Ltd. raised its position in Bank of New York Mellon by 2.4% in the fourth quarter. Invesco Ltd. now owns 7,596,210 shares of the bank’s stock worth $583,617,000 after acquiring an additional 175,704 shares during the period. Finally, Amundi boosted its stake in Bank of New York Mellon by 5.1% in the fourth quarter. Amundi now owns 7,363,015 shares of the bank’s stock valued at $573,947,000 after acquiring an additional 359,942 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $76.46 on Friday. The business has a 50-day simple moving average of $83.77 and a 200 day simple moving average of $80.14. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $90.34. The stock has a market cap of $54.89 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.97 and a beta of 1.03. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the business earned $1.28 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. On average, research 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 business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.46%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 32.36%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on BK shares. Barclays raised their target price on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Thursday, January 16th. Morgan Stanley lowered their price objective on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. 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. Citigroup boosted 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 research report on Monday, March 24th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of 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. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.86.

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.