Citigroup Inc. Sells 175,877 Shares of The Bank of New York Mellon Corporation $BK

Citigroup Inc. lowered its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 16.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 891,612 shares of the bank’s stock after selling 175,877 shares during the period. Citigroup Inc. owned about 0.13% of Bank of New York Mellon worth $97,150,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in BK. Norges Bank bought a new position in shares of Bank of New York Mellon during the 2nd quarter worth $1,081,847,000. Qube Research & Technologies Ltd bought a new stake in Bank of New York Mellon during the 2nd quarter valued at $135,728,000. Geode Capital Management LLC lifted its position in shares of Bank of New York Mellon by 4.3% during the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock worth $1,717,074,000 after acquiring an additional 785,478 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Bank of New York Mellon by 36.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after acquiring an additional 577,621 shares during the period. Finally, Bank of Nova Scotia grew its position in shares of Bank of New York Mellon by 698.6% in the second quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock valued at $59,325,000 after purchasing an additional 569,602 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 0.0%

Shares of NYSE:BK opened at $118.16 on Monday. The stock has a market capitalization of $82.40 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 1.10 and a beta of 1.10. The stock’s 50-day moving average price is $119.33 and its 200-day moving average price is $111.71. The company has a current ratio of 0.71, a quick ratio of 0.70 and a debt-to-equity ratio of 0.81. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $128.76.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The company had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. On average, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a $0.53 dividend. The ex-dividend date was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s payout ratio is presently 28.61%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on BK shares. Citigroup increased their price objective on Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. TD Cowen increased their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price objective for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. New Street Research set a $143.00 target price on shares of Bank of New York Mellon in a report on Wednesday, January 14th. Finally, Royal Bank Of Canada raised their price target on shares of Bank of New York Mellon from $124.00 to $130.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.