Sumitomo Mitsui Asset Management Company LTD reduced its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 6.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 74,553 shares of the bank’s stock after selling 5,416 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Bank of New York Mellon were worth $4,015,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Invictus RG bought a new position in shares of Bank of New York Mellon in the third quarter worth approximately $102,000. Rowland & Co. Investment Counsel ADV bought a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $124,000. Advisory Services Network LLC boosted its position in shares of Bank of New York Mellon by 15.5% in the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after purchasing an additional 363 shares during the period. Horan Capital Advisors LLC. bought a new position in shares of Bank of New York Mellon in the third quarter worth approximately $139,000. Finally, Sawyer & Company Inc bought a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $164,000. 83.75% of the stock is owned by institutional investors and hedge funds.

BK has been the subject of a number of recent analyst reports. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a research report on Sunday, January 21st. Royal Bank of Canada reiterated a “hold” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, November 15th. JPMorgan Chase & Co. lowered shares of Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 price target for the company. in a research report on Friday, January 19th. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 price target on shares of Bank of New York Mellon in a research report on Tuesday, October 10th. Finally, Morgan Stanley upgraded shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 target price for the company in a research report on Friday, January 19th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $56.50.

Bank of New York Mellon Corp (NYSE BK) opened at $57.78 on Monday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.70. Bank of New York Mellon Corp has a 12-month low of $44.23 and a 12-month high of $58.99. The firm has a market cap of $58,556.68, a price-to-earnings ratio of 15.49, a P/E/G ratio of 1.84 and a beta of 1.23.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.91. Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The firm had revenue of $3.73 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business earned $0.77 earnings per share. Bank of New York Mellon’s revenue for the quarter was down 1.6% on a year-over-year basis. analysts expect that Bank of New York Mellon Corp will post 4.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Tuesday, January 30th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Monday, January 29th. Bank of New York Mellon’s payout ratio is 25.74%.

In related news, Director Edward P. Garden sold 143,792 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $52.52, for a total transaction of $7,551,955.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the sale, the chief financial officer now directly owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 878,452 shares of company stock worth $46,202,327. 3.60% of the stock is owned by insiders.

ILLEGAL ACTIVITY NOTICE: “Sumitomo Mitsui Asset Management Company LTD Trims Holdings in Bank of New York Mellon Corp (BK)” was first reported by Daily Political and is the sole property of of Daily Political. If you are viewing this piece on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this piece can be viewed at https://www.dailypolitical.com/2018/01/29/sumitomo-mitsui-asset-management-company-ltd-trims-holdings-in-bank-of-new-york-mellon-corp-bk.html.

About Bank of New York Mellon

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corp (NYSE:BK).

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.