Assetmark Inc. Has $13 Million Stock Position in The Bank of New York Mellon Corporation $BK

Assetmark Inc. increased its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 101.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 142,655 shares of the bank’s stock after buying an additional 71,694 shares during the quarter. Assetmark Inc.’s holdings in Bank of New York Mellon were worth $12,997,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC raised its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares during the period. Orion Capital Management LLC acquired a new position in Bank of New York Mellon during the 1st quarter worth approximately $32,000. Hoey Investments Inc. acquired a new position in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. McClarren Financial Advisors Inc. purchased a new stake in shares of Bank of New York Mellon in the first quarter worth approximately $34,000. Finally, GFG Capital LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter worth approximately $36,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $107.99 on Friday. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $110.87. The stock has a fifty day simple moving average of $106.69 and a two-hundred day simple moving average of $96.84. The company has a current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The firm has a market cap of $76.16 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13.

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

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Monday, October 27th will be issued 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 is Monday, October 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.59%.

Analysts Set New Price Targets

Several brokerages have recently commented on BK. BMO Capital Markets began coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They issued an “outperform” rating and a $125.00 price objective for the company. Evercore ISI increased their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. TD Cowen increased their price objective on Bank of New York Mellon from $130.00 to $133.00 and gave the stock a “buy” rating in a research note on Monday, October 20th. Weiss Ratings raised Bank of New York Mellon from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Friday, October 24th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Bank of New York Mellon has an average 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.