Bank of Nova Scotia Acquires 56,268 Shares of The Bank of New York Mellon Corporation $BK

Bank of Nova Scotia increased its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 8.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 707,403 shares of the bank’s stock after acquiring an additional 56,268 shares during the quarter. Bank of Nova Scotia owned about 0.10% of Bank of New York Mellon worth $77,079,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Valley Wealth Managers Inc. acquired a new position in shares of Bank of New York Mellon in the third quarter valued at $33,000. Caldwell Trust Co acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $36,000. Westside Investment Management Inc. boosted its holdings in shares of Bank of New York Mellon by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock worth $45,000 after buying an additional 127 shares during the period. Dunhill Financial LLC boosted its holdings in shares of Bank of New York Mellon by 130.8% during the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock worth $47,000 after buying an additional 242 shares during the period. Finally, Cornerstone Planning Group LLC grew its stake in Bank of New York Mellon by 73.2% in the 3rd quarter. Cornerstone Planning Group LLC now owns 511 shares of the bank’s stock valued at $55,000 after buying an additional 216 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BK. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday. Citigroup began coverage on Bank of New York Mellon in a research report on Monday, February 23rd. They issued a “neutral” rating on the stock. Royal Bank Of Canada increased their target price on Bank of New York Mellon from $124.00 to $130.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. New Street Research set a $143.00 price target on Bank of New York Mellon in a report on Wednesday, January 14th. Finally, Barclays boosted their price target on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Stock Performance

NYSE BK opened at $116.18 on Monday. The firm has a 50-day moving average price of $119.65 and a two-hundred day moving average price of $113.28. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $128.76. The company has a market capitalization of $79.96 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.08 and a beta of 1.10. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The company had revenue of $5.07 billion for the quarter. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio (DPR) is 28.61%.

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.