Russell Investments Group Ltd. Decreases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Russell Investments Group Ltd. lessened its stake in The Bank of New York Mellon Co. (NYSE:BK) by 2.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 837,513 shares of the bank’s stock after selling 19,397 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of Bank of New York Mellon worth $64,416,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BK. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter worth $1,150,462,000. Arrowstreet Capital Limited Partnership boosted its position in shares of Bank of New York Mellon by 17.0% in the 4th 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 in the last quarter. Amundi grew its stake in Bank of New York Mellon by 5.1% in the 4th 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. Wellington Management Group LLP increased its holdings in Bank of New York Mellon by 2,707.1% during the 3rd quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after acquiring an additional 3,142,869 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Bank of New York Mellon by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 2,297,463 shares of the bank’s stock worth $176,514,000 after acquiring an additional 44,734 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 8.4 %

Shares of NYSE BK opened at $73.17 on Monday. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $52.53 billion, a PE ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03. The firm has a fifty day moving average of $84.98 and a 200-day moving average of $80.08. The Bank of New York Mellon Co. has a 52-week low of $52.64 and a 52-week high of $90.34.

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, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.28 earnings per share. On average, analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were paid a dividend of $0.47 per share. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.57%. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. UBS Group raised their price objective on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Truist Financial cut their price target on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating for the company in a report on Friday. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Citigroup boosted their target price 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, March 24th. Finally, StockNews.com cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, February 19th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock 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.