CIBC Asset Management Inc Boosts Stock Holdings in Bank of New York Mellon Corporation $BNY

CIBC Asset Management Inc increased its stake in Bank of New York Mellon Corporation (NYSE:BNY) by 53.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 182,002 shares of the bank’s stock after acquiring an additional 63,627 shares during the period. CIBC Asset Management Inc’s holdings in Bank of New York Mellon were worth $21,129,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the period. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of New York Mellon by 639.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after purchasing an additional 2,034,781 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in Bank of New York Mellon during the 4th quarter worth $227,437,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Bank of New York Mellon

In other news, EVP Alejandro Perez sold 12,504 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the transaction, the executive vice president directly owned 62,613 shares of the company’s stock, valued at $8,578,607.13. This represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the transaction, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. This trade represents a 37.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 48,091 shares of company stock valued at $6,568,423 over the last 90 days. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Trading Up 2.6%

NYSE BNY opened at $144.24 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $99.00 billion, a P/E ratio of 17.87, a P/E/G ratio of 1.03 and a beta of 1.07. Bank of New York Mellon Corporation has a 52-week low of $87.41 and a 52-week high of $144.98. The firm has a 50-day moving average price of $132.20 and a 200 day moving average price of $122.43.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm posted $1.58 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Equities research analysts expect that Bank of New York Mellon Corporation will post 8.78 EPS for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Monday, April 27th were issued a $0.53 dividend. The ex-dividend date of this dividend was Monday, April 27th. This represents a $2.12 dividend on an annualized basis and a yield of 1.5%. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.27%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Evercore set a $136.00 price objective on Bank of New York Mellon in a research note on Friday, April 17th. Citigroup started coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They set a “neutral” rating for the company. Weiss Ratings raised Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods upped their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a research note on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.08.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.