Polar Asset Management Partners Inc. Makes New Investment in The Bank of New York Mellon Corporation $BK

Polar Asset Management Partners Inc. purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 59,425 shares of the bank’s stock, valued at approximately $6,475,000.

Other large investors also recently made changes to their positions in the company. Valley Wealth Managers Inc. acquired a new stake in shares of Bank of New York Mellon during the third quarter worth $33,000. Caldwell Trust Co acquired a new position in Bank of New York Mellon in the 2nd quarter worth $36,000. Westside Investment Management Inc. increased its holdings in Bank of New York Mellon by 44.1% during the 3rd quarter. Westside Investment Management Inc. now owns 415 shares of the bank’s stock worth $45,000 after purchasing an additional 127 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of Bank of New York Mellon by 130.8% in the 3rd quarter. Dunhill Financial LLC now owns 427 shares of the bank’s stock valued at $47,000 after purchasing an additional 242 shares during the period. Finally, Community Bank N.A. raised its stake in shares of Bank of New York Mellon by 250.4% in the 3rd quarter. Community Bank N.A. now owns 438 shares of the bank’s stock valued at $48,000 after purchasing an additional 313 shares during the period. Institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Stock Performance

BK opened at $114.61 on Thursday. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $128.76. The firm has a market capitalization of $78.88 billion, a PE ratio of 15.47, a PEG ratio of 1.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71. The business’s 50-day simple moving average is $119.32 and its 200 day simple moving average is $113.42.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The firm had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. As a group, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 earnings per share for the current fiscal year.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were paid a $0.53 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 28.61%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and boosted their target price for the company from $119.00 to $134.00 in a research note on Wednesday, January 7th. New Street Research set a $143.00 price target on Bank of New York Mellon in a research report on Wednesday, January 14th. Citigroup began coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They set a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $131.92.

Bank of New York Mellon 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.