CIBC Bancorp USA Inc. Purchases New Shares in The Bank of New York Mellon Corporation $BK

CIBC Bancorp USA Inc. acquired a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 97,663 shares of the bank’s stock, valued at approximately $10,641,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BK. Valeo Financial Advisors LLC increased its holdings in shares of Bank of New York Mellon by 1.3% in the 3rd quarter. Valeo Financial Advisors LLC now owns 7,539 shares of the bank’s stock worth $821,000 after buying an additional 94 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its holdings in shares of Bank of New York Mellon by 0.4% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 24,752 shares of the bank’s stock valued at $2,697,000 after acquiring an additional 96 shares during the last quarter. Leonard Rickey Investment Advisors P.L.L.C. lifted its holdings in shares of Bank of New York Mellon by 1.9% in the 3rd quarter. Leonard Rickey Investment Advisors P.L.L.C. now owns 5,192 shares of the bank’s stock valued at $566,000 after acquiring an additional 98 shares during the last quarter. Angeles Wealth Management LLC grew its position in Bank of New York Mellon by 2.6% in the third quarter. Angeles Wealth Management LLC now owns 3,798 shares of the bank’s stock worth $414,000 after acquiring an additional 98 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its stake in Bank of New York Mellon by 13.7% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 828 shares of the bank’s stock worth $75,000 after acquiring an additional 100 shares during the last quarter. 85.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on BK. Barclays upped their price objective on Bank of New York Mellon from $120.00 to $143.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Morgan Stanley boosted their target price on Bank of New York Mellon from $124.00 to $132.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Citigroup started coverage on Bank of New York Mellon in a report on Monday, February 23rd. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $132.00 to $143.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Finally, New Street Research set a $143.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $114.90 on Friday. The Bank of New York Mellon Corporation has a twelve month low of $70.46 and a twelve month high of $128.76. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The stock has a fifty day simple moving average of $119.21 and a two-hundred day simple moving average of $113.44. The stock has a market capitalization of $79.08 billion, a price-to-earnings ratio of 15.51, a P/E/G ratio of 1.07 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. The firm had revenue of $5.07 billion for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. On average, analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 dividend on an annualized basis and a yield of 1.8%. 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.