Truist Financial Corp Buys 323,343 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Truist Financial Corp raised its stake in The Bank of New York Mellon Co. (NYSE:BK) by 33.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,297,698 shares of the bank’s stock after acquiring an additional 323,343 shares during the quarter. Truist Financial Corp owned about 0.17% of Bank of New York Mellon worth $67,545,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BK. Massachusetts Financial Services Co. MA raised its holdings in Bank of New York Mellon by 142.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,620,749 shares of the bank’s stock valued at $69,125,000 after acquiring an additional 951,730 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Bank of New York Mellon by 153.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,554,532 shares of the bank’s stock worth $80,913,000 after purchasing an additional 941,193 shares during the period. Barclays PLC increased its holdings in shares of Bank of New York Mellon by 30.0% during the third quarter. Barclays PLC now owns 3,751,994 shares of the bank’s stock worth $160,020,000 after purchasing an additional 866,548 shares during the period. Northern Trust Corp increased its holdings in shares of Bank of New York Mellon by 8.2% during the third quarter. Northern Trust Corp now owns 9,453,880 shares of the bank’s stock worth $403,208,000 after purchasing an additional 715,421 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Bank of New York Mellon by 1,191.2% during the third quarter. Bank of Nova Scotia now owns 749,193 shares of the bank’s stock worth $31,953,000 after purchasing an additional 691,172 shares during the period. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $57.32 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $39.65 and a fifty-two week high of $58.28. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.71 and a quick ratio of 0.72. The firm has a market capitalization of $43.15 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.23 and a beta of 1.12. The company’s 50 day moving average price is $56.01 and its two-hundred day moving average price is $51.84.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Tuesday, April 16th. The bank reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Bank of New York Mellon had a net margin of 9.48% and a return on equity of 11.80%. The firm had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.39 billion. During the same quarter last year, the business posted $1.13 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that The Bank of New York Mellon Co. will post 5.43 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 9th. Shareholders of record on Friday, April 26th will be given a $0.42 dividend. The ex-dividend date of this dividend is Thursday, April 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.93%. Bank of New York Mellon’s dividend payout ratio is currently 40.98%.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, VP Catherine Keating sold 4,498 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $54.81, for a total value of $246,535.38. Following the sale, the vice president now owns 123,490 shares in the company, valued at $6,768,486.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP J Kevin Mccarthy sold 40,000 shares of the business’s stock in a transaction on Friday, April 19th. The shares were sold at an average price of $56.15, for a total value of $2,246,000.00. Following the sale, the executive vice president now owns 100,404 shares of the company’s stock, valued at $5,637,684.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Catherine Keating sold 4,498 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $54.81, for a total transaction of $246,535.38. Following the completion of the sale, the vice president now directly owns 123,490 shares in the company, valued at approximately $6,768,486.90. The disclosure for this sale can be found here. Insiders have sold 98,568 shares of company stock worth $5,459,897 over the last quarter. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Citigroup raised their target price on shares of Bank of New York Mellon from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Bank of America raised their target price on shares of Bank of New York Mellon from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. Jefferies Financial Group lifted their price objective on shares of Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. UBS Group lifted their price objective on shares of Bank of New York Mellon from $54.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. Finally, Morgan Stanley lifted their price objective on shares of Bank of New York Mellon from $62.00 to $63.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.17.

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.