iA Global Asset Management Inc. Increases Stake in The Bank of New York Mellon Corporation $BK

iA Global Asset Management Inc. increased its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 13.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 36,040 shares of the bank’s stock after buying an additional 4,324 shares during the period. iA Global Asset Management Inc.’s holdings in Bank of New York Mellon were worth $3,927,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Westside Investment Management Inc. boosted its holdings in shares of Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the last quarter. GFG Capital LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth $36,000. Caldwell Trust Co purchased a new stake in Bank of New York Mellon during the second quarter valued at about $36,000. Princeton Global Asset Management LLC increased its stake in Bank of New York Mellon by 89.0% during the second quarter. Princeton Global Asset Management LLC now owns 446 shares of the bank’s stock worth $41,000 after acquiring an additional 210 shares during the last quarter. Finally, Quaker Wealth Management LLC raised its holdings in shares of Bank of New York Mellon by 198.9% in the 2nd quarter. Quaker Wealth Management LLC now owns 450 shares of the bank’s stock worth $41,000 after purchasing an additional 905 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $117.71 on Friday. The firm has a 50-day moving average of $115.93 and a two-hundred day moving average of $108.48. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The stock has a market cap of $82.09 billion, a P/E ratio of 15.89, a PEG ratio of 1.12 and a beta of 1.11. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $125.89.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The firm had revenue of $5.07 billion during the quarter. On average, research analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.61%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b+)” rating on shares of Bank of New York Mellon in a report on Monday, December 29th. Evercore ISI boosted 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 note on Tuesday, September 30th. Citigroup raised their target price on shares of Bank of New York Mellon from $120.00 to $136.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Finally, BMO Capital Markets began coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective on the stock. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

About Bank of New York Mellon

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.