14,974,130 Shares in The Bank of New York Mellon Co. (NYSE:BK) Purchased by Norges Bank

Norges Bank bought a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 14,974,130 shares of the bank’s stock, valued at approximately $1,150,462,000. Norges Bank owned about 2.06% of Bank of New York Mellon at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Graney & King LLC bought a new position in Bank of New York Mellon in the 4th quarter worth about $35,000. Centricity Wealth Management LLC acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $39,000. TCTC Holdings LLC increased its position in Bank of New York Mellon by 257.5% in the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after acquiring an additional 430 shares during the period. Modus Advisors LLC bought a new stake in Bank of New York Mellon during the 4th quarter valued at $49,000. Finally, Friedenthal Financial acquired a new position in Bank of New York Mellon during the 4th quarter worth $56,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE BK opened at $84.63 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a market cap of $60.77 billion, a PE ratio of 14.57, a PEG ratio of 0.97 and a beta of 1.06. The stock’s 50-day moving average price is $85.35 and its two-hundred day moving average price is $79.42.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon’s revenue was up 11.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.28 earnings per share. On average, analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were issued a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.22%. Bank of New York Mellon’s dividend payout ratio is 32.36%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent analyst reports. Citigroup lifted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday. StockNews.com lowered shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the company an “in-line” rating in a research note on Thursday, January 16th. Morgan Stanley boosted their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, January 16th. Finally, Wolfe Research cut Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. 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 has an average rating of “Moderate Buy” and a consensus price target of $89.71.

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.