CPC Advisors LLC Buys New Shares in The Bank of New York Mellon Corporation $BK

CPC Advisors LLC bought a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,917 shares of the bank’s stock, valued at approximately $1,952,000.

Other large investors have also recently added to or reduced their stakes in the company. Ferguson Wellman Capital Management Inc. increased its stake in shares of Bank of New York Mellon by 0.4% during the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock worth $2,697,000 after purchasing an additional 96 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. grew its holdings in Bank of New York Mellon by 1.9% during the third quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank’s stock worth $566,000 after purchasing an additional 98 shares during the period. Tiemann Investment Advisors LLC grew its holdings in Bank of New York Mellon by 2.9% during the second quarter. Tiemann Investment Advisors LLC now owns 3,492 shares of the bank’s stock worth $318,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Bank of New York Mellon by 13.7% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock worth $75,000 after buying an additional 100 shares during the last quarter. Finally, Hemington Wealth Management raised its stake in Bank of New York Mellon by 6.3% in the second quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock valued at $157,000 after buying an additional 102 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $120.66 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 firm has a market cap of $84.14 billion, a price-to-earnings ratio of 17.41, a P/E/G ratio of 0.92 and a beta of 1.11. The stock’s fifty day moving average price is $113.92 and its two-hundred day moving average price is $106.84. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $122.36.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The company had revenue of $5.07 billion during the quarter. On average, equities analysts forecast 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. Bank of New York Mellon’s payout ratio is currently 30.59%.

Analysts Set New Price Targets

Several research analysts have recently commented on BK shares. TD Cowen lifted their target price on Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, January 7th. Truist Financial raised Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. BMO Capital Markets initiated coverage on shares of Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 price objective for the company. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 17th. Finally, Barclays increased their price objective on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.43.

Bank of New York Mellon Company 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.