Truist Financial Corp Boosts Position in The Bank of New York Mellon Co. (NYSE:BK)

Truist Financial Corp boosted its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,875,667 shares of the bank’s stock after acquiring an additional 99,374 shares during the quarter. Truist Financial Corp’s holdings in Bank of New York Mellon were worth $144,107,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. McClarren Financial Advisors Inc. increased its position in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after acquiring an additional 346 shares during the last quarter. Fortitude Family Office LLC increased its position in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares during the last quarter. Modus Advisors LLC purchased a new stake in Bank of New York Mellon during the fourth quarter valued at $49,000. Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon during the third quarter valued at $46,000. Finally, Friedenthal Financial purchased a new stake in Bank of New York Mellon during the fourth quarter valued at $56,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on BK. Morgan Stanley boosted their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Citigroup boosted their price target on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Evercore ISI boosted their price target on Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods boosted their price target on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $88.00.

Bank of New York Mellon Stock Performance

NYSE BK opened at $87.94 on Monday. The business has a 50-day moving average price of $81.23 and a 200-day moving average price of $75.57. The Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $88.25. The firm has a market cap of $63.94 billion, a price-to-earnings ratio of 15.14, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. 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 announced its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the company earned $1.28 earnings per share. The firm’s revenue was up 11.2% on a year-over-year basis. As a group, equities research analysts predict that The Bank of New York Mellon Co. will post 6.89 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s 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.