Cherokee Insurance Co Takes Position in The Bank of New York Mellon Corporation $BK

Cherokee Insurance Co purchased a new position in shares of The Bank of New York Mellon Corporation (NYSE:BK) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 20,230 shares of the bank’s stock, valued at approximately $1,843,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Westside Investment Management Inc. boosted its stake in Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock worth $26,000 after buying an additional 127 shares during the period. Orion Capital Management LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $32,000. Hoey Investments Inc. acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at approximately $32,000. McClarren Financial Advisors Inc. purchased a new stake in Bank of New York Mellon in the first quarter valued at approximately $34,000. Finally, GFG Capital LLC acquired a new position in Bank of New York Mellon during the second quarter worth $36,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BK. BMO Capital Markets assumed 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. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $100.00 to $109.00 and gave the company an “equal weight” rating in a research report on Friday, October 17th. Evercore ISI boosted their price target 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. Truist Financial raised their price objective on shares of Bank of New York Mellon from $118.00 to $119.00 and gave the company a “hold” rating in a research note on Friday, October 17th. Finally, Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (b)” rating in a research note on Friday, November 7th. Ten analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $111.29.

Bank of New York Mellon Stock Performance

NYSE:BK opened at $112.62 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.70 and a quick ratio of 0.72. The firm has a market cap of $78.54 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.98 and a beta of 1.13. The firm’s fifty day moving average price is $107.46 and its 200 day moving average price is $98.69. The Bank of New York Mellon Corporation has a 1-year low of $70.46 and a 1-year high of $113.74.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. The company had revenue of $4.38 billion during the quarter. Bank of New York Mellon had a net margin of 12.86% and a return on equity of 14.03%. On average, sell-side analysts expect that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 7th. Shareholders of record on Monday, October 27th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Monday, October 27th. Bank of New York Mellon’s payout ratio is currently 30.59%.

About Bank of New York Mellon

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.