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

CIBC Asset Management Inc increased its position in The Bank of New York Mellon Co. (NYSE:BK) by 1.3% in the 4th quarter, according to its most recent 13F filing with the SEC. 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 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% in the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after purchasing an additional 346 shares in the last quarter. Modus Advisors LLC purchased a new stake in Bank of New York Mellon in the 4th quarter worth $49,000. Ashton Thomas Securities LLC purchased a new stake in Bank of New York Mellon in the 3rd quarter worth $46,000. Friedenthal Financial purchased a new stake in Bank of New York Mellon in the 4th quarter worth $56,000. Finally, Concord Wealth Partners lifted its stake in Bank of New York Mellon by 150.5% in the 3rd quarter. Concord Wealth Partners now owns 754 shares of the bank’s stock worth $54,000 after purchasing an additional 453 shares in the last quarter. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $88.94 on Wednesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $89.44. The firm has a market capitalization of $64.66 billion, a P/E ratio of 15.31, a price-to-earnings-growth ratio of 0.98 and a beta of 1.08. The company’s 50-day moving average is $81.37 and its 200 day moving average is $75.73.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The company’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 EPS. Research analysts forecast that The Bank of New York Mellon Co. will post 6.89 EPS for the current year.

Bank of New York Mellon Dividend Announcement

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

Analysts Set New Price Targets

Several analysts have commented on the stock. Wolfe Research cut shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Citigroup upped their target price on shares of Bank of New York Mellon from $75.00 to $82.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. UBS Group upped their target price on shares of Bank of New York Mellon from $88.00 to $94.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Truist Financial upped their target price on shares of Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company upped their target price on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target 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.