ABC Arbitrage SA Takes Position in The Bank of New York Mellon Corporation $BK

ABC Arbitrage SA acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 40,109 shares of the bank’s stock, valued at approximately $3,654,000.

Other institutional investors have also added to or reduced their stakes in the company. Westside Investment Management Inc. raised its stake in shares of Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares during the period. Hoey Investments Inc. bought a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. Orion Capital Management LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. GFG Capital LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $36,000. Finally, McClarren Financial Advisors Inc. bought a new stake in shares of Bank of New York Mellon in the first quarter worth $34,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.2%

BK opened at $111.23 on Wednesday. The stock’s fifty day simple moving average is $107.29 and its 200 day simple moving average is $98.59. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $111.94. The stock has a market cap of $77.57 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83.

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

Bank of New York Mellon Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on BK shares. Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research note on Monday, September 29th. Barclays upped their target price on Bank of New York Mellon from $104.00 to $120.00 and gave the stock an “overweight” rating in a report on Friday, October 17th. Weiss Ratings downgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday. Evercore ISI upped their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Finally, Wells Fargo & Company raised their target price 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 note on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Bank of New York Mellon 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.