20,760 Shares in The Bank of New York Mellon Corporation $BK Bought by Permanent Capital Management LP

Permanent Capital Management LP bought a new position in The Bank of New York Mellon Corporation (NYSE:BK) in the third quarter, HoldingsChannel reports. The fund bought 20,760 shares of the bank’s stock, valued at approximately $2,262,000. Bank of New York Mellon accounts for approximately 0.4% of Permanent Capital Management LP’s investment portfolio, making the stock its 29th biggest position.

A number of other hedge funds have also recently made changes to their positions in BK. Westside Investment Management Inc. increased its stake in shares of Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after buying an additional 127 shares during the period. Hoey Investments Inc. bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. GFG Capital LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $36,000. Caldwell Trust Co bought a new position in shares of Bank of New York Mellon during the second quarter valued at $36,000. Finally, Rise Advisors LLC lifted its holdings in Bank of New York Mellon by 41.7% in the first quarter. Rise Advisors LLC now owns 469 shares of the bank’s stock valued at $39,000 after buying an additional 138 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on BK shares. Wells Fargo & Company raised their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research note on Friday, October 17th. BMO Capital Markets started coverage on Bank of New York Mellon in a report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price target on the stock. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Monday, December 15th. Finally, Citigroup increased their target price on shares of Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $111.86.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $117.42 on Monday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $119.40. The stock’s 50 day moving average is $111.48 and its 200-day moving average is $104.64. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $81.88 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 1.06 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 during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s payout ratio is presently 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.