CIBC Asset Management Inc Boosts Position in Bank of New York Mellon Corporation $BNY

CIBC Asset Management Inc grew its position in Bank of New York Mellon Corporation (NYSE:BNY) by 53.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 182,002 shares of the bank’s stock after purchasing an additional 63,627 shares during the period. CIBC Asset Management Inc’s holdings in Bank of New York Mellon were worth $21,129,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its stake in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares during the last quarter. Norges Bank acquired a new position in Bank of New York Mellon during the fourth quarter worth about $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of New York Mellon by 639.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after acquiring an additional 6,119,749 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Bank of New York Mellon by 18.0% in the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock valued at $1,454,116,000 after purchasing an additional 2,034,781 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $227,437,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Stock Up 2.6%

Shares of NYSE BNY opened at $144.24 on Friday. The firm has a market cap of $99.00 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.03 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.75 and a current ratio of 0.75. Bank of New York Mellon Corporation has a 1 year low of $87.41 and a 1 year high of $144.98. The firm’s 50 day moving average price is $132.20 and its 200 day moving average price is $122.43.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the company posted $1.58 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 8.78 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Monday, April 27th were given a dividend of $0.53 per share. The ex-dividend date was Monday, April 27th. This represents a $2.12 annualized dividend and a yield of 1.5%. Bank of New York Mellon’s dividend payout ratio is 26.27%.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.50, for a total transaction of $4,095,000.00. Following the completion of the sale, the executive vice president owned 50,238 shares of the company’s stock, valued at approximately $6,857,487. The trade was a 37.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the sale, the insider owned 17,259 shares of the company’s stock, valued at $2,347,569.18. The trade was a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 in the last quarter. Corporate insiders own 0.17% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Royal Bank Of Canada increased their target price on Bank of New York Mellon from $130.00 to $142.00 and gave the company a “sector perform” rating in a report on Friday, April 17th. Morgan Stanley boosted their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Truist Financial upped their price objective on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, Barclays increased their price objective on Bank of New York Mellon from $143.00 to $149.00 and gave the company an “overweight” rating in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.08.

Bank of New York Mellon Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.