Ramirez Asset Management Inc. Raises Stock Position in The Bank of New York Mellon Corporation $BK

Ramirez Asset Management Inc. raised its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 143.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 13,467 shares of the bank’s stock after acquiring an additional 7,945 shares during the period. Ramirez Asset Management Inc.’s holdings in Bank of New York Mellon were worth $1,467,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of BK. Ashton Thomas Private Wealth LLC increased its holdings in shares of Bank of New York Mellon by 133.2% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock valued at $9,998,000 after purchasing an additional 52,412 shares in the last quarter. Jones Financial Companies Lllp grew its position in Bank of New York Mellon by 35.1% during the third quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after buying an additional 8,277 shares during the period. Investment Management Corp of Ontario increased its holdings in Bank of New York Mellon by 25.9% in the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after buying an additional 25,842 shares in the last quarter. First National Advisers LLC acquired a new position in shares of Bank of New York Mellon in the third quarter worth about $3,304,000. Finally, First Horizon Corp purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter worth about $22,072,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Down 1.3%

BK stock opened at $115.22 on Friday. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The firm has a market cap of $79.15 billion, a PE ratio of 15.55, a PEG ratio of 1.09 and a beta of 1.10. The firm’s 50 day moving average price is $119.69 and its 200-day moving average price is $112.66. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The business had revenue of $5.07 billion during the quarter. On average, equities research analysts anticipate 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 company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s payout ratio is currently 28.61%.

Analyst Upgrades and Downgrades

BK has been the topic of several research analyst reports. Wells Fargo & Company raised their price objective on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Barclays boosted their price target on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. New Street Research set a $143.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 14th. Truist Financial raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Eight equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Profile

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.