Sumitomo Mitsui Financial Group Inc. Grows Stock Holdings in The Bank of New York Mellon Corporation $BK

Sumitomo Mitsui Financial Group Inc. lifted its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 12.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,666 shares of the bank’s stock after acquiring an additional 2,204 shares during the quarter. Sumitomo Mitsui Financial Group Inc.’s holdings in Bank of New York Mellon were worth $1,792,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Westside Investment Management Inc. grew its holdings in Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Bank of New York Mellon in the 1st quarter worth approximately $32,000. Hoey Investments Inc. purchased a new stake in Bank of New York Mellon in the 2nd quarter valued at about $32,000. McClarren Financial Advisors Inc. purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth about $34,000. Finally, GFG Capital LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $36,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE:BK opened at $111.52 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $113.74. The company has a fifty day moving average price of $108.10 and a 200 day moving average price of $100.52. The stock has a market cap of $77.77 billion, a P/E ratio of 16.09, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Analyst Ratings Changes

Several research analysts have commented on BK shares. The Goldman Sachs Group raised their price objective on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Evercore ISI raised their target price on shares of 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. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target for the company. Finally, Truist Financial lifted their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research report on Friday, October 17th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.29.

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.