Sumitomo Mitsui Trust Group Inc. Sells 90,525 Shares of The Bank of New York Mellon Corporation $BK

Sumitomo Mitsui Trust Group Inc. lowered its position in The Bank of New York Mellon Corporation (NYSE:BK) by 5.1% during the 2nd quarter, Holdings Channel reports. The firm owned 1,701,668 shares of the bank’s stock after selling 90,525 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Bank of New York Mellon were worth $155,039,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Canada Post Corp Registered Pension Plan bought a new position in Bank of New York Mellon in the first quarter worth approximately $1,035,000. Formidable Asset Management LLC bought a new position in Bank of New York Mellon in the first quarter worth approximately $247,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Bank of New York Mellon by 121.8% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock worth $15,399,000 after purchasing an additional 100,810 shares in the last quarter. Genus Capital Management Inc. purchased a new stake in Bank of New York Mellon during the first quarter worth $2,559,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the period. Institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on BK shares. Wells Fargo & Company upped their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. Evercore ISI upped their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a report on Tuesday, September 30th. Truist Financial upped their target price on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, October 17th. Barclays upped their target price on 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. Finally, Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $111.29.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $107.91 on Friday. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The firm has a market capitalization of $76.10 billion, a price-to-earnings ratio of 15.57, a PEG ratio of 0.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The stock’s 50-day simple moving average is $106.07 and its 200-day simple moving average is $95.52.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The business had revenue of $4.38 billion for the quarter. As a group, equities analysts forecast 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 company also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be paid a $0.53 dividend. The ex-dividend date is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is 30.59%.

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.