Bank of Nova Scotia Buys 569,602 Shares of The Bank of New York Mellon Corporation $BK

Bank of Nova Scotia grew its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 698.6% in the second quarter, HoldingsChannel.com reports. The fund owned 651,135 shares of the bank’s stock after acquiring an additional 569,602 shares during the period. Bank of Nova Scotia’s holdings in Bank of New York Mellon were worth $59,325,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BK. Westside Investment Management Inc. grew its holdings in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the period. Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon during the first quarter worth $32,000. Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $32,000. GFG Capital LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $36,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in Bank of New York Mellon during the 1st quarter worth $39,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on BK shares. TD Cowen boosted their target price on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Barclays increased their target price on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 17th. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. The Goldman Sachs Group increased their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Monday, December 1st. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $114.27 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50-day moving average of $108.72 and a 200-day moving average of $101.95. The stock has a market capitalization of $79.68 billion, a price-to-earnings ratio of 16.49, a PEG ratio of 1.03 and a beta of 1.12. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $114.99.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The firm had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. As a group, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.9%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

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.