CIBC Asset Management Inc Has $4.65 Million Stock Holdings in The Bank of New York Mellon Co. (NYSE:BK)

CIBC Asset Management Inc lifted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 20.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,638 shares of the bank’s stock after purchasing an additional 15,797 shares during the period. CIBC Asset Management Inc’s holdings in Bank of New York Mellon were worth $4,647,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New Hampshire bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $31,000. Dividend Assets Capital LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at about $32,000. Bromfield Sneider Wealth Advisors bought a new position in Bank of New York Mellon in the first quarter worth approximately $33,000. Comprehensive Financial Consultants Institutional Inc. bought a new position in Bank of New York Mellon in the fourth quarter worth approximately $38,000. Finally, Prospera Financial Services Inc bought a new position in Bank of New York Mellon in the first quarter worth approximately $37,000. Institutional investors own 83.69% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of BK opened at $43.50 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.68 and a debt-to-equity ratio of 0.78. The stock has a 50 day moving average of $43.02 and a 200 day moving average of $48.31. The Bank of New York Mellon Co. has a 12 month low of $39.78 and a 12 month high of $64.63. The company has a market capitalization of $35.14 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.67 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK – Get Rating) last released its earnings results on Friday, July 15th. The bank reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.09). Bank of New York Mellon had a return on equity of 9.49% and a net margin of 20.61%. The firm had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.17 billion. During the same period in the prior year, the business earned $1.13 earnings per share. The business’s quarterly revenue was up 7.4% compared to the same quarter last year. As a group, sell-side analysts forecast that The Bank of New York Mellon Co. will post 4.3 earnings per share for the current year.

Bank of New York Mellon Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Monday, July 25th were given a $0.37 dividend. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.34. This represents a $1.48 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Friday, July 22nd. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 37.56%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. UBS Group cut their price target on Bank of New York Mellon from $56.00 to $52.00 in a report on Monday, July 11th. Credit Suisse Group dropped their target price on Bank of New York Mellon from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 19th. Deutsche Bank Aktiengesellschaft dropped their target price on Bank of New York Mellon from $43.00 to $42.00 in a report on Monday, July 18th. The Goldman Sachs Group dropped their target price on Bank of New York Mellon from $51.50 to $45.00 and set a “neutral” rating on the stock in a report on Wednesday, June 29th. Finally, Piper Sandler dropped their target price on Bank of New York Mellon from $54.00 to $48.00 and set a “neutral” rating on the stock in a report on Friday, June 24th. Eleven analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $50.42.

About Bank of New York Mellon

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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, prime brokerage, and data analytics.