iA Global Asset Management Inc. Purchases 7,396 Shares of The Bank of New York Mellon Corporation $BK

iA Global Asset Management Inc. lifted its position in The Bank of New York Mellon Corporation (NYSE:BK) by 30.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 31,716 shares of the bank’s stock after acquiring an additional 7,396 shares during the period. iA Global Asset Management Inc.’s holdings in Bank of New York Mellon were worth $2,890,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Hoey Investments Inc. bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $32,000. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $32,000. Cornerstone Planning Group LLC lifted its holdings in shares of Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after acquiring an additional 196 shares during the last quarter. GFG Capital LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter worth about $36,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $34,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.1%

NYSE:BK opened at $107.99 on Monday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The firm has a market cap of $76.16 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.98 and a beta of 1.13. The firm has a 50-day simple moving average of $106.69 and a 200-day simple moving average of $96.99.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The business had revenue of $4.38 billion during the quarter. Equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued a $0.53 dividend. The ex-dividend date is Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s payout ratio is currently 30.59%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of 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. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. BMO Capital Markets assumed coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Citigroup lifted their price objective on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a report on Friday, September 5th. Finally, Truist Financial lifted their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

About 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 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.