CIBC Asset Management Inc Acquires 1,619 Shares of The Bank of New York Mellon Co. (NYSE:BK)

CIBC Asset Management Inc increased its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 1.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 129,403 shares of the bank’s stock after buying an additional 1,619 shares during the period. CIBC Asset Management Inc’s holdings in Bank of New York Mellon were worth $9,942,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Fortitude Family Office LLC boosted its stake in shares of Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after purchasing an additional 346 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $46,000. Modus Advisors LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $49,000. Concord Wealth Partners boosted its stake in shares of Bank of New York Mellon by 150.5% during the third quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock valued at $54,000 after purchasing an additional 453 shares in the last quarter. Finally, Friedenthal Financial bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $56,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $88.94 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Co. has a 12 month low of $52.64 and a 12 month high of $89.44. The company has a 50 day simple moving average of $81.37 and a two-hundred day simple moving average of $75.73. The stock has a market cap of $64.66 billion, a price-to-earnings ratio of 15.31, a PEG ratio of 0.98 and a beta of 1.08.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, beating the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.66 billion. During the same period in the previous year, the business posted $1.28 EPS. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. As a group, analysts predict that The Bank of New York Mellon Co. will post 6.89 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend was Monday, January 27th. Bank of New York Mellon’s dividend payout ratio is currently 32.36%.

Analyst Ratings Changes

BK has been the topic of a number of recent research reports. Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Citigroup increased their price objective on Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, November 25th. Morgan Stanley upped their target price on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday. Finally, Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Bank of New York Mellon Company Profile

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 Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.