USA Financial Formulas Has $1.76 Million Position in The Bank of New York Mellon Corporation $BK

USA Financial Formulas boosted its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 10,831.8% during the third quarter, HoldingsChannel.com reports. The fund owned 16,179 shares of the bank’s stock after purchasing an additional 16,031 shares during the period. Bank of New York Mellon accounts for 0.3% of USA Financial Formulas’ portfolio, making the stock its 26th largest holding. USA Financial Formulas’ holdings in Bank of New York Mellon were worth $1,763,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in BK. Canada Post Corp Registered Pension Plan bought a new stake in Bank of New York Mellon in the first quarter valued at $1,035,000. Investment Management Corp of Ontario boosted its stake in shares of Bank of New York Mellon by 25.9% in the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after purchasing an additional 25,842 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Bank of New York Mellon by 150.5% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 85,654 shares of the bank’s stock valued at $7,804,000 after purchasing an additional 51,457 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Bank of New York Mellon by 127.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 620,715 shares of the bank’s stock worth $56,553,000 after purchasing an additional 348,162 shares during the last quarter. Finally, OMNI 360 Wealth Inc. acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $230,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of 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. Evercore ISI lifted their target price 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. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of New York Mellon in a report on Monday, December 15th. Wells Fargo & Company increased their price target on 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. Finally, Truist Financial lifted their price objective on Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research report on Friday, October 17th. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.86.

Bank of New York Mellon Price Performance

BK opened at $115.79 on Friday. 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 stock has a market capitalization of $80.74 billion, a P/E ratio of 16.71, a price-to-earnings-growth ratio of 1.05 and a beta of 1.12. The company’s 50 day simple moving average is $110.43 and its 200-day simple moving average is $103.56. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $119.40.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The firm had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Sell-side analysts anticipate 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 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is 30.59%.

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.