Convergence Investment Partners LLC Purchases 18,986 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Convergence Investment Partners LLC boosted its position in The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 80.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 42,619 shares of the bank’s stock after acquiring an additional 18,986 shares during the quarter. Bank of New York Mellon makes up approximately 1.1% of Convergence Investment Partners LLC’s investment portfolio, making the stock its 23rd largest holding. Convergence Investment Partners LLC’s holdings in Bank of New York Mellon were worth $1,642,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BK. Acadian Asset Management LLC lifted its position in shares of Bank of New York Mellon by 160.0% during the 1st quarter. Acadian Asset Management LLC now owns 5,358 shares of the bank’s stock worth $263,000 after purchasing an additional 3,297 shares during the last quarter. Prudential PLC acquired a new position in shares of Bank of New York Mellon during the first quarter worth approximately $1,096,000. Cetera Investment Advisers boosted its position in shares of Bank of New York Mellon by 3.3% in the first quarter. Cetera Investment Advisers now owns 35,635 shares of the bank’s stock valued at $1,769,000 after acquiring an additional 1,154 shares during the period. Candriam Luxembourg S.C.A. increased its position in Bank of New York Mellon by 54.3% during the first quarter. Candriam Luxembourg S.C.A. now owns 232,115 shares of the bank’s stock worth $11,519,000 after acquiring an additional 81,728 shares during the period. Finally, Zions Bancorporation N.A. raised its stake in Bank of New York Mellon by 165.3% during the 1st quarter. Zions Bancorporation N.A. now owns 1,459 shares of the bank’s stock valued at $72,000 after purchasing an additional 909 shares during the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Bank of New York Mellon Trading Down 0.6 %

Shares of BK traded down $0.30 during trading hours on Wednesday, hitting $50.27. 999,439 shares of the stock traded hands, compared to its average volume of 6,294,540. The business has a fifty day moving average of $46.55 and a 200-day moving average of $43.77. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $40.63 billion, a PE ratio of 17.44, a price-to-earnings-growth ratio of 1.32 and a beta of 1.08. The Bank of New York Mellon Co. has a 1-year low of $36.22 and a 1-year high of $64.63.

Bank of New York Mellon (NYSE:BK – Get Rating) last issued its quarterly earnings results on Friday, January 13th. The bank reported $1.30 EPS for the quarter, topping the consensus estimate of $1.22 by $0.08. Bank of New York Mellon had a net margin of 12.87% and a return on equity of 10.78%. The company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same quarter in the previous year, the company earned $1.04 EPS. Bank of New York Mellon’s revenue was down 2.4% on a year-over-year basis. Analysts expect that The Bank of New York Mellon Co. will post 4.7 EPS for the current year.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 3rd. Investors of record on Monday, January 23rd will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, January 20th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.94%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 51.03%.

Analyst Upgrades and Downgrades

BK has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their target price on Bank of New York Mellon from $43.00 to $44.00 and gave the stock a “hold” rating in a research report on Tuesday, November 15th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $47.00 to $49.00 and gave the company an “underweight” rating in a research report on Wednesday. Citigroup raised their target price on Bank of New York Mellon from $50.00 to $55.00 in a research report on Friday, December 9th. StockNews.com began coverage on shares of Bank of New York Mellon in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, The Goldman Sachs Group upgraded shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Wednesday, January 4th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $52.19.

Bank of New York Mellon Profile

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The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segment. The Securities Services segment includes Asset Servicing business, which provides global custody, fund accounting, integrated middle-office solutions, transfer agency and data and analytics solutions.