Pinnacle Wealth Planning Services Inc. Acquires 1,555 Shares of The Bank of New York Mellon Corporation $BK

Pinnacle Wealth Planning Services Inc. lifted its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 26.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,461 shares of the bank’s stock after buying an additional 1,555 shares during the period. Pinnacle Wealth Planning Services Inc.’s holdings in Bank of New York Mellon were worth $680,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Nuveen LLC bought a new position in Bank of New York Mellon in the first quarter valued at approximately $773,627,000. Goldman Sachs Group Inc. raised its stake in shares of Bank of New York Mellon by 26.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Bank of New York Mellon by 257.6% in the 1st quarter. Wellington Management Group LLP now owns 1,236,255 shares of the bank’s stock valued at $103,685,000 after buying an additional 890,593 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Bank of New York Mellon by 37.7% in the first quarter. AQR Capital Management LLC now owns 3,244,204 shares of the bank’s stock valued at $266,349,000 after buying an additional 887,361 shares in the last quarter. Finally, Citigroup Inc. raised its position in Bank of New York Mellon by 126.9% during the first quarter. Citigroup Inc. now owns 1,557,145 shares of the bank’s stock worth $130,598,000 after acquiring an additional 870,844 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the subject of a number of analyst reports. Barclays lifted their price objective on shares of Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday, October 17th. Evercore ISI raised their target price 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. TD Cowen boosted their price target on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Weiss Ratings restated a “buy (b)” rating on shares of Bank of New York Mellon in a research note on Thursday, November 13th. Finally, Keefe, Bruyette & Woods lifted their target price on Bank of New York Mellon from $120.00 to $124.00 and gave the stock an “outperform” rating in a research note on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $111.29.

Bank of New York Mellon Trading Up 0.7%

Shares of BK stock opened at $107.51 on Wednesday. The Bank of New York Mellon Corporation has a 12-month low of $70.46 and a 12-month high of $113.74. The company has a market capitalization of $74.97 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The firm has a 50 day moving average price of $107.81 and a two-hundred day moving average price of $99.62. The company has a quick ratio of 0.72, a current ratio of 0.70 and a debt-to-equity ratio of 0.83.

Bank of New York Mellon (NYSE:BK) last announced 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 for the quarter. Bank of New York Mellon had a return on equity of 14.03% and a net margin of 12.86%. As a group, 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 announced a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Monday, October 27th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is presently 30.59%.

Bank of New York Mellon Company 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.