GRIMES & Co WEALTH MANAGEMENT LLC Grows Position in The Bank of New York Mellon Corporation $BK

GRIMES & Co WEALTH MANAGEMENT LLC grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 466.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 35,178 shares of the bank’s stock after acquiring an additional 28,969 shares during the quarter. GRIMES & Co WEALTH MANAGEMENT LLC’s holdings in Bank of New York Mellon were worth $3,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB boosted its holdings in Bank of New York Mellon by 10.2% during the third quarter. Nordea Investment Management AB now owns 68,579 shares of the bank’s stock worth $7,483,000 after purchasing an additional 6,357 shares during the last quarter. ZEGA Investments LLC purchased a new stake in Bank of New York Mellon in the 3rd quarter valued at about $1,050,000. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Bank of New York Mellon by 0.5% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 23,450 shares of the bank’s stock worth $2,555,000 after buying an additional 115 shares in the last quarter. Gradient Capital Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $650,000. Finally, Creekside Partners purchased a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $205,000. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Price Performance

NYSE BK opened at $120.66 on Tuesday. 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 company has a market cap of $84.14 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 0.92 and a beta of 1.11. The Bank of New York Mellon Corporation has a 52 week low of $70.46 and a 52 week high of $122.36. The firm’s 50-day simple moving average is $113.92 and its two-hundred day simple moving average is $106.84.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share (EPS) for the quarter. The company had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. Research analysts predict that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were given a dividend of $0.53 per share. The ex-dividend date was Monday, October 27th. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is currently 30.59%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Evercore ISI increased their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday, September 30th. Keefe, Bruyette & Woods raised their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday, October 17th. BMO Capital Markets assumed coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price on the stock. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price target for the company from $119.00 to $134.00 in a research report on Wednesday, January 7th. Finally, The Goldman Sachs Group raised their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, October 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.43.

Bank of New York Mellon Company 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.