Polar Asset Management Partners Inc. Takes $6.48 Million Position in The Bank of New York Mellon Corporation $BK

Polar Asset Management Partners Inc. purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 59,425 shares of the bank’s stock, valued at approximately $6,475,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Valley Wealth Managers Inc. acquired a new position in Bank of New York Mellon during the 3rd quarter valued at about $33,000. Caldwell Trust Co acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth approximately $36,000. Westside Investment Management Inc. grew its position in shares of Bank of New York Mellon by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock worth $45,000 after buying an additional 127 shares during the period. Dunhill Financial LLC raised its stake in shares of Bank of New York Mellon by 130.8% during the third quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock worth $47,000 after buying an additional 242 shares during the last quarter. Finally, Community Bank N.A. raised its stake in shares of Bank of New York Mellon by 250.4% during the third quarter. Community Bank N.A. now owns 438 shares of the bank’s stock worth $48,000 after buying an additional 313 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Trading Down 1.3%

Shares of NYSE BK opened at $114.61 on Thursday. The company’s fifty day moving average is $119.32 and its 200-day moving average is $113.42. The stock has a market cap of $78.88 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 1.08 and a beta of 1.10. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $128.76. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

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 during the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. Equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is 28.61%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on BK shares. Citigroup began coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They issued a “neutral” rating on the stock. TD Cowen upped 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. New Street Research set a $143.00 price target on Bank of New York Mellon in a research note 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 report on Wednesday, March 11th. Finally, Barclays lifted their price objective on Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Profile

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.