Rakuten Investment Management Inc. Buys Shares of 160,880 The Bank of New York Mellon Corporation $BK

Rakuten Investment Management Inc. purchased a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 160,880 shares of the bank’s stock, valued at approximately $17,529,000.

Several other large investors also recently added to or reduced their stakes in BK. Cornerstone Wealth Group LLC bought a new stake in Bank of New York Mellon in the 3rd quarter valued at about $212,000. Chicago Partners Investment Group LLC increased its stake in shares of Bank of New York Mellon by 29.2% in the third quarter. Chicago Partners Investment Group LLC now owns 6,685 shares of the bank’s stock worth $725,000 after purchasing an additional 1,509 shares in the last quarter. Joel Isaacson & Co. LLC raised its position in shares of Bank of New York Mellon by 13.4% in the third quarter. Joel Isaacson & Co. LLC now owns 39,385 shares of the bank’s stock valued at $4,291,000 after purchasing an additional 4,652 shares during the period. McAdam LLC purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $232,000. Finally, Jackson Thornton Wealth Management LLC bought a new position in Bank of New York Mellon in the 3rd quarter worth approximately $216,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Analyst Ratings Changes

BK has been the topic of a number of analyst reports. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their target price for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. BMO Capital Markets initiated coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price target for the company. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $119.00 to $122.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. The Goldman Sachs Group lifted their target price on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $120.60 on Wednesday. The stock has a market cap of $84.10 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.13 and a beta of 1.11. 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 business has a 50-day simple moving average of $115.46 and a 200 day simple moving average of $108.15. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $125.89.

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

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s payout ratio is 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.