Cibc World Market Inc. Acquires 10,377 Shares of The Bank of New York Mellon Corporation $BK

Cibc World Market Inc. boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 8.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,795 shares of the bank’s stock after buying an additional 10,377 shares during the period. Cibc World Market Inc.’s holdings in Bank of New York Mellon were worth $14,251,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in BK. Norges Bank bought a new stake in Bank of New York Mellon during the second quarter valued at about $1,081,847,000. Qube Research & Technologies Ltd purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at about $135,728,000. Geode Capital Management LLC boosted its holdings in shares of Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $61,851,000. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Bank of New York Mellon by 36.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after buying an additional 577,621 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on BK shares. TD Cowen increased their target price on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Citigroup upped their target price on Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Weiss Ratings upgraded Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, January 27th. Finally, Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their price target for the stock from $119.00 to $134.00 in a research note on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $114.92 on Friday. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $128.76. The business’s 50 day moving average price is $119.09 and its 200 day moving average price is $110.86. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a market cap of $80.14 billion, a P/E ratio of 15.51, a P/E/G ratio of 1.14 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The business had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. On average, sell-side analysts expect that The Bank of New York Mellon Corporation 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 Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

About Bank of New York Mellon

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.