Nordea Investment Management AB Raises Position in The Bank of New York Mellon Corporation $BK

Nordea Investment Management AB grew its holdings in The Bank of New York Mellon Corporation (NYSE:BK) by 10.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 68,579 shares of the bank’s stock after buying an additional 6,357 shares during the quarter. Nordea Investment Management AB’s holdings in Bank of New York Mellon were worth $7,483,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Investment Management Corp of Ontario raised its stake in shares of Bank of New York Mellon by 25.9% during the 2nd quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock worth $11,435,000 after buying an additional 25,842 shares in the last quarter. Permanent Capital Management LP acquired a new stake in Bank of New York Mellon in the third quarter valued at $2,262,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Bank of New York Mellon by 36.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after purchasing an additional 577,621 shares in the last quarter. First Horizon Corp acquired a new position in shares of Bank of New York Mellon during the 3rd quarter worth $22,072,000. Finally, Highland Capital Management LLC purchased a new position in shares of Bank of New York Mellon in the 3rd quarter valued at about $1,639,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on BK shares. Citigroup upped their target price on shares of Bank of New York Mellon from $120.00 to $136.00 and gave the stock a “neutral” rating in a research report on Wednesday. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research note on Monday, December 29th. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their target price for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. Wells Fargo & Company raised their price target on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $129.00.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $121.34 on Friday. The stock has a market capitalization of $84.62 billion, a P/E ratio of 16.38, a P/E/G ratio of 1.16 and a beta of 1.11. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $125.89. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70. The firm’s 50-day moving average is $115.07 and its two-hundred day moving average is $107.51.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. Bank of New York Mellon had a net margin of 13.62% and a return on equity of 14.37%. The business had revenue of $5.07 billion during the quarter. Equities 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Shareholders of record on Friday, January 23rd will be paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

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.