Corebridge Financial Inc. Trims Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Corebridge Financial Inc. reduced its stake in The Bank of New York Mellon Co. (NYSE:BK) by 2.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 196,993 shares of the bank’s stock after selling 4,455 shares during the quarter. Corebridge Financial Inc.’s holdings in Bank of New York Mellon were worth $15,135,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Centricity Wealth Management LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC lifted its stake in shares of Bank of New York Mellon by 257.5% in the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock worth $46,000 after acquiring an additional 430 shares during the period. Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $49,000. Friedenthal Financial acquired a new position in shares of Bank of New York Mellon during the fourth quarter worth about $56,000. Finally, Asset Dedication LLC raised its holdings in Bank of New York Mellon by 342.1% during the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock worth $58,000 after purchasing an additional 585 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on BK shares. Truist Financial boosted their target price on 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. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Bank of America boosted their target price on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Finally, Citigroup boosted their price objective on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday. 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 presently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Trading Up 1.4 %

Shares of Bank of New York Mellon stock opened at $84.76 on Tuesday. 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 debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The business has a 50 day moving average price of $85.06 and a 200 day moving average price of $79.22. The company has a market capitalization of $60.86 billion, a P/E ratio of 14.59, a P/E/G ratio of 0.97 and a beta of 1.06.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share 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 for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 earnings per share. Sell-side analysts anticipate that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

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