Avanza Fonder AB Acquires 5,897 Shares of The Bank of New York Mellon Corporation $BK

Avanza Fonder AB lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 12.7% during the third quarter, HoldingsChannel reports. The firm owned 52,501 shares of the bank’s stock after purchasing an additional 5,897 shares during the quarter. Avanza Fonder AB’s holdings in Bank of New York Mellon were worth $5,721,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Bank of New York Mellon in the first quarter worth $1,035,000. Investment Management Corp of Ontario increased its stake in Bank of New York Mellon by 25.9% in the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock worth $11,435,000 after acquiring an additional 25,842 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Bank of New York Mellon by 150.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,654 shares of the bank’s stock valued at $7,804,000 after acquiring an additional 51,457 shares in the last quarter. OFI Invest Asset Management boosted its position in shares of Bank of New York Mellon by 826.0% during the 3rd quarter. OFI Invest Asset Management now owns 206,964 shares of the bank’s stock valued at $22,551,000 after acquiring an additional 184,614 shares during the last quarter. Finally, Teamwork Financial Advisors LLC grew its holdings in shares of Bank of New York Mellon by 377.6% during the third quarter. Teamwork Financial Advisors LLC now owns 118,621 shares of the bank’s stock worth $12,925,000 after purchasing an additional 93,783 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. TD Cowen lifted their target price on shares of Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Citigroup raised 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 research report on Friday, September 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Monday, December 15th. Morgan Stanley raised their price target on Bank of New York Mellon from $118.00 to $124.00 and gave the company an “overweight” rating in a research report on Wednesday, December 17th. Finally, Wells Fargo & Company upped their price objective on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average target price of $111.86.

Bank of New York Mellon Stock Up 0.4%

BK opened at $117.69 on Friday. The Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $119.40. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The business’s 50-day moving average price is $111.25 and its 200-day moving average price is $104.25. The company has a market cap of $82.07 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.07 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The business had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. On average, equities analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were issued a $0.53 dividend. The ex-dividend date was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.