Bank of Nova Scotia Buys 569,602 Shares of The Bank of New York Mellon Corporation $BK

Bank of Nova Scotia lifted its stake in The Bank of New York Mellon Corporation (NYSE:BK) by 698.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 651,135 shares of the bank’s stock after buying an additional 569,602 shares during the period. Bank of Nova Scotia owned about 0.09% of Bank of New York Mellon worth $59,325,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Westside Investment Management Inc. raised its stake in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after acquiring an additional 127 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth about $32,000. Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $32,000. GFG Capital LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at about $36,000. Finally, Wealth Preservation Advisors LLC acquired a new position in Bank of New York Mellon in the first quarter valued at about $39,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

Bank of New York Mellon Trading Up 0.2%

BK opened at $114.27 on Tuesday. The firm has a 50 day simple moving average of $108.72 and a 200 day simple moving average of $101.95. The Bank of New York Mellon Corporation has a fifty-two week low of $70.46 and a fifty-two week high of $114.99. The company has a market cap of $79.68 billion, a price-to-earnings ratio of 16.49, a price-to-earnings-growth ratio of 1.03 and a beta of 1.12. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last released its earnings results 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%. On average, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.9%. Bank of New York Mellon’s payout ratio is 30.59%.

Wall Street Analysts Forecast Growth

BK has been the subject of several recent analyst reports. Barclays raised their price objective on shares of 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. TD Cowen lifted their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Truist Financial boosted their price objective on Bank of New York Mellon from $118.00 to $119.00 and gave the stock a “hold” rating in a research note on Friday, October 17th. Citigroup raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research note on Friday, September 5th. Finally, Morgan Stanley lifted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday, September 29th. Ten investment 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 currently has an average 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.