SNS Financial Group LLC Sells 2,183 Shares of The Bank of New York Mellon Co. (NYSE:BK)

SNS Financial Group LLC decreased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 9.2% in the 4th quarter, Holdings Channel reports. The fund owned 21,516 shares of the bank’s stock after selling 2,183 shares during the quarter. SNS Financial Group LLC’s holdings in Bank of New York Mellon were worth $1,653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in BK. FMR LLC lifted its stake in Bank of New York Mellon by 78.6% in the 3rd quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after acquiring an additional 8,512,404 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Bank of New York Mellon by 2,707.1% in the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock worth $234,189,000 after purchasing an additional 3,142,869 shares in the last quarter. Zacks Investment Management acquired a new position in Bank of New York Mellon during the third quarter worth $62,589,000. State Street Corp grew its position in Bank of New York Mellon by 2.0% in the third quarter. State Street Corp now owns 33,313,594 shares of the bank’s stock valued at $2,393,915,000 after purchasing an additional 659,096 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Bank of New York Mellon by 248.3% in the 3rd quarter. National Bank of Canada FI now owns 858,831 shares of the bank’s stock valued at $61,715,000 after buying an additional 612,287 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America increased their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Deutsche Bank Aktiengesellschaft raised their price target on Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a research note on Thursday, January 16th. Barclays upped their price objective on Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Truist Financial upped their price target on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $88.36 on Thursday. The Bank of New York Mellon Co. has a 52 week low of $52.64 and a 52 week high of $89.44. The company has a market capitalization of $64.24 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 0.99 and a beta of 1.08. The company has a 50-day simple moving average of $81.71 and a 200 day simple moving average of $76.00. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.70 and a current ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The company 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%. The business’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.28 earnings per share. On average, sell-side analysts predict that The Bank of New York Mellon Co. will post 6.93 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is 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.