Resona Asset Management Co. Ltd. Increases Position in The Bank of New York Mellon Corporation $BK

Resona Asset Management Co. Ltd. grew its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 243,373 shares of the bank’s stock after buying an additional 9,519 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Bank of New York Mellon were worth $22,176,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Revolve Wealth Partners LLC bought a new position in Bank of New York Mellon in the 4th quarter valued at $220,000. D.A. Davidson & CO. lifted its position in shares of Bank of New York Mellon by 11.9% during the first quarter. D.A. Davidson & CO. now owns 8,194 shares of the bank’s stock worth $687,000 after purchasing an additional 873 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Bank of New York Mellon by 55.9% during the first quarter. TD Private Client Wealth LLC now owns 3,516 shares of the bank’s stock valued at $295,000 after purchasing an additional 1,261 shares during the period. M&T Bank Corp grew its holdings in shares of Bank of New York Mellon by 1.4% in the first quarter. M&T Bank Corp now owns 93,629 shares of the bank’s stock worth $7,853,000 after purchasing an additional 1,258 shares during the last quarter. Finally, Valeo Financial Advisors LLC grew its holdings in shares of Bank of New York Mellon by 8.8% in the first quarter. Valeo Financial Advisors LLC now owns 9,835 shares of the bank’s stock worth $825,000 after purchasing an additional 794 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Price Performance

NYSE BK opened at $108.57 on Friday. The company has a market cap of $75.71 billion, a PE ratio of 15.67, a P/E/G ratio of 0.98 and a beta of 1.13. The firm’s 50 day moving average price is $106.98 and its 200-day moving average price is $97.59. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.72 and a current ratio of 0.70. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $110.87.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Tuesday, March 26th. The bank reported $1.30 earnings per share for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. Sell-side analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Monday, October 27th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Monday, October 27th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Analysts Set New Price Targets

BK has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price objective on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a report on Friday, October 17th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. The Goldman Sachs Group boosted their price target on Bank of New York Mellon from $106.00 to $120.00 and gave the company a “buy” rating in a report on Monday, October 6th. Morgan Stanley increased their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday, September 29th. Finally, BMO Capital Markets assumed coverage on Bank of New York Mellon in a research report on Friday, October 3rd. They set an “outperform” rating and a $125.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and a consensus price target of $111.29.

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.