Prudential PLC Grows Stake in The Bank of New York Mellon Corporation $BK

Prudential PLC boosted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 16.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 296,448 shares of the bank’s stock after purchasing an additional 41,145 shares during the quarter. Prudential PLC’s holdings in Bank of New York Mellon were worth $27,009,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Westside Investment Management Inc. grew its holdings in Bank of New York Mellon by 78.9% during the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after buying an additional 127 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Bank of New York Mellon during the first quarter worth $32,000. Hoey Investments Inc. purchased a new position in Bank of New York Mellon during the second quarter valued at $32,000. McClarren Financial Advisors Inc. purchased a new position in Bank of New York Mellon during the first quarter valued at $34,000. Finally, GFG Capital LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $36,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE:BK opened at $107.50 on Thursday. The firm has a market capitalization of $74.97 billion, a price-to-earnings ratio of 15.51, a PEG ratio of 0.98 and a beta of 1.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The business has a 50 day simple moving average of $107.89 and a 200-day simple moving average of $99.67. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $113.74.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were paid a $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BK shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Bank of New York Mellon in a report on Thursday, November 13th. The Goldman Sachs Group lifted their price objective on 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 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. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Finally, Wells Fargo & Company boosted their price target on shares of 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. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.