Pinnacle Wealth Planning Services Inc. Acquires 1,555 Shares of The Bank of New York Mellon Corporation $BK

Pinnacle Wealth Planning Services Inc. increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 26.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,461 shares of the bank’s stock after buying an additional 1,555 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Bank of New York Mellon were worth $680,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of BK. Nomura Asset Management Co. Ltd. raised its position in shares of Bank of New York Mellon by 4.7% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 241,588 shares of the bank’s stock valued at $22,011,000 after acquiring an additional 10,860 shares during the last quarter. Tortoise Investment Management LLC grew its stake in shares of Bank of New York Mellon by 556.0% during the second quarter. Tortoise Investment Management LLC now owns 1,148 shares of the bank’s stock worth $105,000 after purchasing an additional 973 shares during the period. MTM Investment Management LLC increased its holdings in Bank of New York Mellon by 63.8% in the second quarter. MTM Investment Management LLC now owns 16,626 shares of the bank’s stock valued at $1,515,000 after purchasing an additional 6,476 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Bank of New York Mellon by 55.0% in the second quarter. Rockefeller Capital Management L.P. now owns 86,110 shares of the bank’s stock valued at $7,846,000 after buying an additional 30,549 shares during the period. Finally, Cornerstone Advisors LLC boosted its holdings in Bank of New York Mellon by 41.7% during the second quarter. Cornerstone Advisors LLC now owns 13,600 shares of the bank’s stock worth $1,239,000 after buying an additional 4,000 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.7%

Shares of BK stock opened at $107.51 on Wednesday. The company has a market capitalization of $74.97 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 0.98 and a beta of 1.13. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $113.74. The firm has a fifty day moving average of $107.81 and a 200-day moving average of $99.62. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

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. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. The firm had revenue of $4.38 billion during the quarter. As a group, equities research analysts predict 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 company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 30.59%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays upped their price target on Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. BMO Capital Markets started coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Thursday, November 13th. Wells Fargo & Company upped their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a report on Monday, September 29th. Ten equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon 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.