Connor Clark & Lunn Investment Management Ltd. Takes Position in The Bank of New York Mellon Corporation (NYSE:BK)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 34,197 shares of the bank’s stock, valued at approximately $2,868,000.

Other large investors have also recently made changes to their positions in the company. Zions Bancorporation National Association UT purchased a new position in Bank of New York Mellon in the 1st quarter worth approximately $56,000. Townsquare Capital LLC raised its holdings in Bank of New York Mellon by 2.5% in the 1st quarter. Townsquare Capital LLC now owns 30,272 shares of the bank’s stock worth $2,539,000 after acquiring an additional 728 shares during the last quarter. Forsta AP Fonden raised its holdings in Bank of New York Mellon by 6.5% in the 1st quarter. Forsta AP Fonden now owns 246,500 shares of the bank’s stock worth $20,674,000 after acquiring an additional 15,000 shares during the last quarter. NBW Capital LLC purchased a new position in Bank of New York Mellon in the 1st quarter worth approximately $210,000. Finally, National Bank of Canada FI raised its holdings in Bank of New York Mellon by 32.2% in the 1st quarter. National Bank of Canada FI now owns 597,931 shares of the bank’s stock worth $50,150,000 after acquiring an additional 145,731 shares during the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BK has been the subject of a number of recent analyst reports. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock a “hold” rating in a report on Thursday. Evercore ISI boosted their price objective on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a report on Wednesday, July 2nd. Keefe, Bruyette & Woods boosted their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the company an “overweight” rating in a research note on Wednesday, July 16th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.08.

Bank of New York Mellon Trading Up 1.6%

Shares of BK stock opened at $103.50 on Friday. The Bank of New York Mellon Corporation has a 1 year low of $64.50 and a 1 year high of $104.47. The firm has a fifty day moving average price of $95.55 and a 200-day moving average price of $87.98. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $72.99 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 0.98 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the previous year, the firm posted $1.51 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, 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 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were issued a $0.53 dividend. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 annualized dividend and a yield of 2.0%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.47. Bank of New York Mellon’s payout ratio is currently 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.