New York State Common Retirement Fund Raises Position in The Bank of New York Mellon Corporation $BK

New York State Common Retirement Fund raised its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 0.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 813,334 shares of the bank’s stock after acquiring an additional 2,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Bank of New York Mellon were worth $74,103,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in BK. Williamson Legacy Group LLC lifted its stake in shares of Bank of New York Mellon by 122.3% in the 2nd quarter. Williamson Legacy Group LLC now owns 7,618 shares of the bank’s stock valued at $694,000 after purchasing an additional 4,191 shares during the period. Virtus Investment Advisers LLC grew its stake in Bank of New York Mellon by 7.1% in the second quarter. Virtus Investment Advisers LLC now owns 17,619 shares of the bank’s stock worth $1,605,000 after purchasing an additional 1,163 shares during the period. Norges Bank bought a new position in Bank of New York Mellon in the second quarter worth $1,081,847,000. Scotia Capital Inc. lifted its position in Bank of New York Mellon by 7.6% during the second quarter. Scotia Capital Inc. now owns 30,228 shares of the bank’s stock valued at $2,754,000 after buying an additional 2,147 shares during the period. Finally, Level Four Advisory Services LLC purchased a new position in Bank of New York Mellon during the second quarter valued at $240,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.5%

NYSE:BK opened at $111.94 on Friday. The company’s 50 day moving average price is $108.23 and its 200-day moving average price is $100.86. 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. The stock has a market cap of $78.06 billion, a price-to-earnings ratio of 16.15, a PEG ratio of 0.98 and a beta of 1.13.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data 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, equities research analysts forecast 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 firm also recently declared a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend 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 presently 30.59%.

Analyst Ratings Changes

A number of research firms have recently weighed in on BK. Morgan Stanley upped their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research report on Monday, September 29th. The Goldman Sachs Group boosted their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Truist Financial upped their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a report on Friday, October 17th. Wells Fargo & Company lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. Finally, BMO Capital Markets initiated 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 target on the stock. Ten analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.