Permanent Capital Management LP Purchases New Shares in The Bank of New York Mellon Corporation $BK

Permanent Capital Management LP acquired a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 20,760 shares of the bank’s stock, valued at approximately $2,262,000. Bank of New York Mellon accounts for 0.4% of Permanent Capital Management LP’s holdings, making the stock its 29th largest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new position in Bank of New York Mellon during the second quarter worth about $1,081,847,000. Qube Research & Technologies Ltd acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth approximately $135,728,000. Goldman Sachs Group Inc. increased its holdings in shares of Bank of New York Mellon by 26.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the period. AQR Capital Management LLC increased its holdings in shares of Bank of New York Mellon by 37.7% during the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock worth $266,349,000 after purchasing an additional 887,361 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Bank of New York Mellon by 4.3% in the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Citigroup increased their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research report on Friday, September 5th. Morgan Stanley increased their target price on Bank of New York Mellon from $118.00 to $124.00 and gave the stock an “overweight” rating in a report on Wednesday, December 17th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of New York Mellon in a research report on Monday, December 15th. TD Cowen boosted their price target on Bank of New York Mellon from $130.00 to $133.00 and gave the company a “buy” rating in a research note on Monday, October 20th. Finally, Wells Fargo & Company increased their price objective 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 note on Friday, October 17th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $111.86.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $117.42 on Monday. The business has a fifty day simple moving average of $111.48 and a 200 day simple moving average of $104.64. The company has a market cap of $81.88 billion, a P/E ratio of 16.94, a P/E/G ratio of 1.06 and a beta of 1.12. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.83. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $119.40.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%.The firm had revenue of $5.07 billion during the quarter. On average, sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal 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 $0.53 dividend. The ex-dividend date of this dividend was Monday, October 27th. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.