Sun Life Financial INC Lowers Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

Sun Life Financial INC cut its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 63.1% during the first quarter, Holdings Channel reports. The institutional investor owned 3,991 shares of the bank’s stock after selling 6,827 shares during the quarter. Sun Life Financial INC’s holdings in The Bank of New York Mellon were worth $189,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new stake in The Bank of New York Mellon in the fourth quarter worth $358,714,000. BlackRock Inc. lifted its stake in The Bank of New York Mellon by 9.0% during the 4th quarter. BlackRock Inc. now owns 56,473,493 shares of the bank’s stock valued at $2,396,736,000 after acquiring an additional 4,657,988 shares during the period. FMR LLC grew its stake in shares of The Bank of New York Mellon by 23.9% in the fourth quarter. FMR LLC now owns 22,457,460 shares of the bank’s stock worth $953,095,000 after acquiring an additional 4,335,468 shares during the period. Artisan Partners Limited Partnership raised its holdings in shares of The Bank of New York Mellon by 12.8% during the fourth quarter. Artisan Partners Limited Partnership now owns 18,639,856 shares of the bank’s stock valued at $791,075,000 after purchasing an additional 2,112,630 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in The Bank of New York Mellon by 170.1% during the fourth quarter. Principal Financial Group Inc. now owns 3,140,543 shares of the bank’s stock valued at $133,285,000 after purchasing an additional 1,977,702 shares during the period. 82.08% of the stock is owned by institutional investors.

Several equities analysts have recently weighed in on the company. Bank of America raised The Bank of New York Mellon from an “underperform” rating to a “buy” rating and increased their price target for the company from $43.00 to $50.00 in a report on Wednesday, March 24th. Barclays increased their target price on The Bank of New York Mellon from $55.00 to $57.00 and gave the company an “overweight” rating in a report on Wednesday, April 7th. Deutsche Bank Aktiengesellschaft boosted their price target on The Bank of New York Mellon from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, April 9th. Citigroup dropped their price objective on shares of The Bank of New York Mellon from $58.00 to $56.00 in a report on Wednesday, April 21st. Finally, Morgan Stanley cut their target price on shares of The Bank of New York Mellon from $50.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, April 19th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $50.00.

In other The Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 10,878 shares of the business’s stock in a transaction on Monday, April 19th. The shares were sold at an average price of $46.89, for a total value of $510,069.42. Following the sale, the insider now owns 25,034 shares in the company, valued at approximately $1,173,844.26. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 12,500 shares of the stock in a transaction dated Thursday, May 6th. The shares were sold at an average price of $51.65, for a total transaction of $645,625.00. Following the transaction, the executive vice president now directly owns 102,214 shares of the company’s stock, valued at approximately $5,279,353.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,378 shares of company stock valued at $2,793,344. Insiders own 0.12% of the company’s stock.

BK opened at $49.87 on Friday. The stock has a market cap of $43.66 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.60 and a beta of 1.09. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.68 and a current ratio of 0.68. The company’s fifty day moving average price is $50.03. The Bank of New York Mellon Co. has a fifty-two week low of $32.65 and a fifty-two week high of $52.90.

The Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Thursday, April 15th. The bank reported $0.97 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.87 by $0.10. The Bank of New York Mellon had a return on equity of 9.19% and a net margin of 22.24%. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the previous year, the business earned $1.05 earnings per share. The business’s revenue was down 4.6% on a year-over-year basis. On average, equities research analysts anticipate that The Bank of New York Mellon Co. will post 4.06 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 11th. Shareholders of record on Wednesday, April 28th were paid a $0.31 dividend. The ex-dividend date was Tuesday, April 27th. This represents a $1.24 annualized dividend and a yield of 2.49%. The Bank of New York Mellon’s payout ratio is 30.92%.

About The Bank of New York Mellon

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 three segments: Investment Services, Investment and Wealth Management, and Other. The Investment Service segment offers custody, trust and depositary, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, investment, wealth and retirement solutions, technology and enterprise data management, trading, corporate trust, depositary receipts, payments, foreign exchange, liquidity management, receivables processing and payables management, trade finance and processing, collateral management, and tri-party services.

Further Reading: Market Capitalization – What it Means for Investors

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

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