Cherokee Insurance Co Buys Shares of 20,230 The Bank of New York Mellon Corporation $BK

Cherokee Insurance Co purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 20,230 shares of the bank’s stock, valued at approximately $1,843,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BK. Canada Post Corp Registered Pension Plan purchased a new stake in Bank of New York Mellon during the first quarter worth $1,035,000. Formidable Asset Management LLC purchased a new position in shares of Bank of New York Mellon in the first quarter valued at $247,000. Goldman Sachs Group Inc. raised its stake in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after buying an additional 1,052,145 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $773,627,000. Finally, Marble Harbor Investment Counsel LLC acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $218,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $112.62 on Thursday. The company has a market cap of $78.54 billion, a P/E ratio of 16.25, a P/E/G ratio of 0.98 and a beta of 1.13. The business has a fifty day simple moving average of $107.46 and a 200-day simple moving average of $98.69. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $113.74. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The firm had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Equities research 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 business also recently announced a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were given 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%.

Analyst Ratings Changes

BK has been the topic of several recent research reports. Morgan Stanley upped 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 report on Monday, September 29th. BMO Capital Markets started coverage on 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. TD Cowen increased their target price on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a report on Monday, October 20th. Barclays raised their price target on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.29.

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.