Connor Clark & Lunn Investment Management Ltd. Grows Position in The Bank of New York Mellon Corporation $BK

Connor Clark & Lunn Investment Management Ltd. raised its position in The Bank of New York Mellon Corporation (NYSE:BK) by 150.5% during the second quarter, HoldingsChannel.com reports. The firm owned 85,654 shares of the bank’s stock after purchasing an additional 51,457 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bank of New York Mellon were worth $7,804,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. raised its holdings 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 worth $26,000 after buying an additional 127 shares during the period. Hoey Investments Inc. bought a new position in Bank of New York Mellon in the 2nd quarter valued at $32,000. Orion Capital Management LLC bought a new position in Bank of New York Mellon in the 1st quarter valued at $32,000. GFG Capital LLC purchased a new stake in Bank of New York Mellon in the second quarter worth $36,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Bank of New York Mellon during the first quarter worth $34,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 1.2%

Shares of Bank of New York Mellon stock opened at $112.62 on Thursday. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The company has a market cap of $78.54 billion, a P/E ratio of 16.25, a PEG ratio of 0.98 and a beta of 1.13. The firm’s 50 day moving average price is $107.46 and its 200-day moving average price is $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.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, sell-side analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BK shares. Keefe, Bruyette & Woods upped their price target on shares of Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 17th. Citigroup upped 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. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a research report on Friday, October 17th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Finally, TD Cowen increased their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Company Profile

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.