CIBC Asset Management Inc Raises Stake in The Bank of New York Mellon Co. (NYSE:BK)

CIBC Asset Management Inc grew its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 127,784 shares of the bank’s stock after purchasing an additional 6,668 shares during the quarter. CIBC Asset Management Inc’s holdings in Bank of New York Mellon were worth $9,183,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. OneDigital Investment Advisors LLC boosted its stake in shares of Bank of New York Mellon by 1.0% during the third quarter. OneDigital Investment Advisors LLC now owns 24,941 shares of the bank’s stock valued at $1,792,000 after purchasing an additional 259 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Bank of New York Mellon by 10.5% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 20,961 shares of the bank’s stock valued at $1,506,000 after purchasing an additional 1,990 shares during the period. Metis Global Partners LLC boosted its stake in shares of Bank of New York Mellon by 2.6% during the third quarter. Metis Global Partners LLC now owns 50,980 shares of the bank’s stock valued at $3,663,000 after purchasing an additional 1,278 shares during the period. Huntington National Bank boosted its stake in shares of Bank of New York Mellon by 5.7% during the third quarter. Huntington National Bank now owns 7,568 shares of the bank’s stock valued at $544,000 after purchasing an additional 407 shares during the period. Finally, Plato Investment Management Ltd boosted its stake in shares of Bank of New York Mellon by 17.6% during the third quarter. Plato Investment Management Ltd now owns 66,413 shares of the bank’s stock valued at $4,768,000 after purchasing an additional 9,947 shares during the period. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Wall Street Analyst Weigh In

BK has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Bank of New York Mellon from $79.00 to $81.00 and gave the company an “equal weight” rating in a report on Friday. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Bank of New York Mellon in a report on Monday, October 14th. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Monday, November 11th. Barclays upped their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a report on Monday, October 14th. Finally, The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $77.23.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $78.29 on Friday. The Bank of New York Mellon Co. has a 1-year low of $46.04 and a 1-year high of $80.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The business has a fifty day moving average price of $73.99 and a 200-day moving average price of $65.95. The company has a market capitalization of $56.92 billion, a PE ratio of 17.02, a PEG ratio of 0.89 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. The firm had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.52 billion. As a group, equities analysts expect that The Bank of New York Mellon Co. will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were given a dividend of $0.47 per share. The ex-dividend date was Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.40%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 40.87%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 24.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now directly owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by insiders.

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.