Kentucky Retirement Systems Insurance Trust Fund Boosts Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Kentucky Retirement Systems Insurance Trust Fund increased its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 86.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 40,672 shares of the bank’s stock after purchasing an additional 18,823 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Bank of New York Mellon were worth $3,125,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp lifted 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 acquiring an additional 659,096 shares during the last quarter. FMR LLC lifted its holdings in shares of Bank of New York Mellon by 78.6% in the third quarter. FMR LLC now owns 19,338,722 shares of the bank’s stock valued at $1,389,680,000 after purchasing an additional 8,512,404 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Bank of New York Mellon by 1.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,634,088 shares of the bank’s stock valued at $476,726,000 after purchasing an additional 117,974 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Bank of New York Mellon by 2,707.1% during the third quarter. Wellington Management Group LLP now owns 3,258,967 shares of the bank’s stock valued at $234,189,000 after buying an additional 3,142,869 shares during the period. Finally, Franklin Resources Inc. raised its stake in Bank of New York Mellon by 8.3% during the third quarter. Franklin Resources Inc. now owns 2,252,729 shares of the bank’s stock worth $172,348,000 after purchasing an additional 173,347 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Truist Financial increased 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 research report 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. Evercore ISI lifted their target price on shares of Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research report on Thursday, January 16th. Citigroup raised their price target on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Finally, Morgan Stanley boosted their price objective on shares of 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. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $87.94 on Tuesday. The stock has a market cap of $63.94 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 0.98 and a beta of 1.08. 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 Bank of New York Mellon Co. has a twelve month low of $52.64 and a twelve month high of $88.25. The company’s fifty day moving average is $81.23 and its 200 day moving average is $75.57.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating the consensus estimate of $1.54 by $0.18. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.28 earnings per share. Sell-side analysts forecast that The Bank of New York Mellon Co. will post 6.89 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Monday, January 27th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.14%. The ex-dividend date was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Bank of New York Mellon Profile

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.