Norges Bank Invests $1.15 Billion in The Bank of New York Mellon Co. (NYSE:BK)

Norges Bank acquired a new stake in shares of The Bank of New York Mellon Co. (NYSE:BK) in the fourth quarter, HoldingsChannel reports. The fund acquired 14,974,130 shares of the bank’s stock, valued at approximately $1,150,462,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Blair William & Co. IL grew its position in Bank of New York Mellon by 3.9% in the fourth quarter. Blair William & Co. IL now owns 24,605 shares of the bank’s stock worth $1,890,000 after acquiring an additional 930 shares in the last quarter. Caisse Des Depots ET Consignations acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $6,501,000. Loomis Sayles & Co. L P boosted its holdings in Bank of New York Mellon by 32.0% in the fourth quarter. Loomis Sayles & Co. L P now owns 1,840 shares of the bank’s stock worth $141,000 after purchasing an additional 446 shares in the last quarter. NEOS Investment Management LLC increased its position in Bank of New York Mellon by 31.6% during the fourth quarter. NEOS Investment Management LLC now owns 46,647 shares of the bank’s stock worth $3,584,000 after buying an additional 11,200 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Bank of New York Mellon by 6.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,152,045 shares of the bank’s stock valued at $88,627,000 after buying an additional 73,391 shares in the last quarter. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on BK. Morgan Stanley upped their price target on Bank of New York Mellon from $90.00 to $97.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Bank of America upped their target price on 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research report on Monday, March 17th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Finally, Citigroup lifted their target price 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 research 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, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.71.

Bank of New York Mellon Trading Down 0.5 %

Shares of BK opened at $84.63 on Friday. The stock’s 50-day moving average price is $85.35 and its 200 day moving average price is $79.42. 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 firm has a market capitalization of $60.77 billion, a price-to-earnings ratio of 14.57, a P/E/G ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 12-month low of $52.64 and a 12-month high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for 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%. Bank of New York Mellon’s quarterly revenue was up 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.28 earnings per share. As a group, research analysts predict that The Bank of New York Mellon Co. will post 6.96 earnings per share 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. Stockholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s 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.