Corebridge Financial Inc. Lowers Stake in The Bank of New York Mellon Co. (NYSE:BK)

Corebridge Financial Inc. decreased its position in The Bank of New York Mellon Co. (NYSE:BK) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 196,993 shares of the bank’s stock after selling 4,455 shares during the quarter. Corebridge Financial Inc.’s holdings in Bank of New York Mellon were worth $15,135,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in BK. Centricity Wealth Management LLC purchased a new stake in shares of Bank of New York Mellon in the 4th quarter valued at $39,000. TCTC Holdings LLC grew its position in Bank of New York Mellon by 257.5% in the 4th quarter. TCTC Holdings LLC now owns 597 shares of the bank’s stock valued at $46,000 after acquiring an additional 430 shares in the last quarter. Modus Advisors LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $49,000. Friedenthal Financial acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $56,000. Finally, Asset Dedication LLC boosted its stake in shares of Bank of New York Mellon by 342.1% in the fourth quarter. Asset Dedication LLC now owns 756 shares of the bank’s stock valued at $58,000 after purchasing an additional 585 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Stock Performance

NYSE BK opened at $84.76 on Tuesday. The company has a fifty day moving average of $85.06 and a two-hundred day moving average of $79.22. The company has a market capitalization of $60.86 billion, a PE ratio of 14.59, a P/E/G ratio of 0.97 and a beta of 1.06. The Bank of New York Mellon Co. has a 1 year low of $52.64 and a 1 year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last announced its earnings results 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. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the prior year, the firm earned $1.28 EPS. The business’s revenue was up 11.2% on a year-over-year basis. As a group, analysts expect 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 declared a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 annualized dividend and a yield of 2.22%. Bank of New York Mellon’s dividend payout ratio (DPR) is 32.36%.

Wall Street Analyst Weigh In

BK has been the topic of several recent research reports. UBS Group upped their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Citigroup increased their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday. Evercore ISI boosted their target price on Bank of New York Mellon from $79.00 to $83.00 and gave the stock an “in-line” rating in a research note on Thursday, January 16th. Barclays increased their price target on Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Finally, Bank of America boosted their price objective 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. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $89.71.

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.