Rakuten Investment Management Inc. Takes $17.53 Million Position in The Bank of New York Mellon Corporation $BK

Rakuten Investment Management Inc. purchased a new stake in The Bank of New York Mellon Corporation (NYSE:BK) during the 3rd quarter, HoldingsChannel reports. The firm purchased 160,880 shares of the bank’s stock, valued at approximately $17,529,000.

Other institutional investors have also added to or reduced their stakes in the company. Investment Management Corp of Ontario increased its position in shares of Bank of New York Mellon by 25.9% during the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after buying an additional 25,842 shares during the period. First National Advisers LLC bought a new stake in Bank of New York Mellon during the 3rd quarter valued at approximately $3,304,000. Permanent Capital Management LP bought a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $2,262,000. First Horizon Corp bought a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $22,072,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Bank of New York Mellon by 36.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock valued at $236,013,000 after purchasing an additional 577,621 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on BK shares. New Street Research set a $143.00 price objective on Bank of New York Mellon in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Monday, December 29th. The Goldman Sachs Group increased their price target on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Evercore ISI boosted their price objective on shares of 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. Finally, Barclays upped their price objective on shares of Bank of New York Mellon from $120.00 to $143.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Eight research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock opened at $120.60 on Wednesday. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $125.89. The firm’s 50-day moving average is $115.46 and its 200 day moving average is $108.15. The stock has a market cap of $84.10 billion, a price-to-earnings ratio of 16.28, a PEG ratio of 1.13 and a beta of 1.11. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.71 and a quick ratio of 0.70.

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

Bank of New York Mellon Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Friday, January 23rd will be given a $0.53 dividend. The ex-dividend date of this dividend is Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is 28.61%.

Bank of New York Mellon Company 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.