Sit Investment Associates Inc. Sells 73,430 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Sit Investment Associates Inc. lowered its position in The Bank of New York Mellon Co. (NYSE:BK) by 56.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 57,310 shares of the bank’s stock after selling 73,430 shares during the period. Sit Investment Associates Inc.’s holdings in Bank of New York Mellon were worth $4,403,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Czech National Bank raised its holdings in Bank of New York Mellon by 4.9% in the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock worth $12,112,000 after purchasing an additional 7,316 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Bank of New York Mellon by 11.7% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 786,496 shares of the bank’s stock worth $60,426,000 after acquiring an additional 82,671 shares in the last quarter. Fifth Third Bancorp lifted its position in Bank of New York Mellon by 9.2% during the 4th quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock valued at $7,226,000 after acquiring an additional 7,935 shares during the period. Natixis Advisors LLC boosted its stake in Bank of New York Mellon by 6.5% during the fourth quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock worth $21,971,000 after acquiring an additional 17,457 shares in the last quarter. Finally, Western Financial Corp CA purchased a new stake in Bank of New York Mellon in the fourth quarter worth about $342,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 8.4 %

BK stock opened at $73.17 on Friday. The business’s 50-day moving average is $84.98 and its two-hundred day moving average is $80.02. The company has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 0.97 and a beta of 1.03. The Bank of New York Mellon Co. has a fifty-two week low of $52.64 and a fifty-two week high of $90.34. 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 released its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same period last year, the firm earned $1.28 earnings per share. The company’s quarterly revenue was up 11.2% on a year-over-year basis. As a group, analysts forecast 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 business also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Monday, January 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is presently 32.36%.

Analyst Ratings Changes

BK has been the topic of a number of analyst reports. Truist Financial dropped their price target on Bank of New York Mellon from $93.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday. Evercore ISI increased their target price on Bank of New York Mellon from $83.00 to $87.00 and gave the stock an “in-line” rating in a research note on Tuesday, April 1st. UBS Group lifted their price target on Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Bank of America increased their price objective on shares of Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a report on Thursday, January 16th. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.86.

Bank of New York Mellon Company 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.