CIBC Asset Management Inc Raises Position in The Bank of New York Mellon Co. (NYSE:BK)

CIBC Asset Management Inc boosted its position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) by 5.5% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 127,784 shares of the bank's stock after acquiring an additional 6,668 shares during the period. CIBC Asset Management Inc's holdings in Bank of New York Mellon were worth $9,183,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Stanley Laman Group Ltd. boosted its stake in Bank of New York Mellon by 2.2% during the third quarter. Stanley Laman Group Ltd. now owns 6,198 shares of the bank's stock valued at $445,000 after buying an additional 135 shares during the period. Avidian Wealth Enterprises LLC grew its holdings in shares of Bank of New York Mellon by 2.0% during the third quarter. Avidian Wealth Enterprises LLC now owns 7,024 shares of the bank's stock worth $505,000 after purchasing an additional 137 shares in the last quarter. Frank Rimerman Advisors LLC increased its position in shares of Bank of New York Mellon by 1.1% in the third quarter. Frank Rimerman Advisors LLC now owns 12,908 shares of the bank's stock worth $928,000 after purchasing an additional 142 shares during the last quarter. Sigma Planning Corp lifted its position in Bank of New York Mellon by 2.7% during the third quarter. Sigma Planning Corp now owns 5,470 shares of the bank's stock valued at $393,000 after purchasing an additional 143 shares during the last quarter. Finally, Grove Bank & Trust grew its stake in Bank of New York Mellon by 28.8% in the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank's stock worth $46,000 after buying an additional 144 shares in the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Bank of New York Mellon

In related news, VP Hanneke Smits sold 16,475 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares in the company, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares of the company's stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Bank of New York Mellon Stock Performance

NYSE BK traded up $0.72 during trading hours on Friday, hitting $78.29. The company's stock had a trading volume of 4,211,855 shares, compared to its average volume of 3,678,412. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market cap of $56.92 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 0.89 and a beta of 1.07. The company's 50 day simple moving average is $73.99 and its two-hundred day simple moving average is $65.95. The Bank of New York Mellon Co. has a 12 month low of $46.04 and a 12 month high of $80.29.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The company had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. As a group, sell-side analysts expect that The Bank of New York Mellon Co. will post 5.82 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Monday, October 21st were issued a $0.47 dividend. The ex-dividend date was Monday, October 21st. This represents a $1.88 dividend on an annualized basis and a yield of 2.40%. Bank of New York Mellon's dividend payout ratio is currently 40.87%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BK. Wells Fargo & Company upped their price objective on Bank of New York Mellon from $79.00 to $81.00 and gave the stock an "equal weight" rating in a report on Friday. Evercore ISI increased their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an "in-line" rating in a research report on Monday, October 14th. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an "equal weight" rating in a report on Monday, September 30th. UBS Group increased their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a "buy" rating in a report on Tuesday, October 8th. Finally, StockNews.com downgraded shares of Bank of New York Mellon from a "buy" rating to a "hold" rating in a research note on Monday, November 11th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $77.23.

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.