Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in The Bank of New York Mellon Corporation $BK

Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 150.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 85,654 shares of the bank’s stock after purchasing an additional 51,457 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Bank of New York Mellon were worth $7,804,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BK. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Bank of New York Mellon by 7.2% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,362,596 shares of the bank’s stock worth $124,146,000 after acquiring an additional 91,144 shares during the period. Keystone Financial Services boosted its position in Bank of New York Mellon by 2.4% in the second quarter. Keystone Financial Services now owns 10,749 shares of the bank’s stock worth $979,000 after purchasing an additional 254 shares during the last quarter. Prospera Financial Services Inc grew its stake in shares of Bank of New York Mellon by 12.5% during the 2nd quarter. Prospera Financial Services Inc now owns 6,603 shares of the bank’s stock valued at $602,000 after purchasing an additional 736 shares during the period. RWA Wealth Partners LLC increased its position in shares of Bank of New York Mellon by 2.9% during the 2nd quarter. RWA Wealth Partners LLC now owns 12,812 shares of the bank’s stock valued at $1,167,000 after purchasing an additional 365 shares during the last quarter. Finally, AE Wealth Management LLC lifted its position in shares of Bank of New York Mellon by 11.9% during the 2nd quarter. AE Wealth Management LLC now owns 19,414 shares of the bank’s stock valued at $1,769,000 after buying an additional 2,066 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 1.2%

Shares of NYSE:BK opened at $112.62 on Thursday. The company has a market cap of $78.54 billion, a price-to-earnings ratio of 16.25, a PEG ratio of 0.98 and a beta of 1.13. 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 current ratio of 0.70, a quick ratio of 0.72 and a debt-to-equity ratio of 0.83. The company has a 50-day moving average price of $107.46 and a 200 day moving average price of $98.69.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. The business 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, equities research 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 business also recently declared a quarterly dividend, which was paid on Friday, November 7th. Investors of record on Monday, October 27th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.9%. The ex-dividend date was Monday, October 27th. Bank of New York Mellon’s dividend payout ratio is presently 30.59%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BMO Capital Markets began coverage on shares of Bank of New York Mellon in a report on Friday, October 3rd. They issued an “outperform” rating and a $125.00 target price for the company. Barclays lifted their target price on Bank of New York Mellon from $104.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, October 17th. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (b)” rating in a report on Friday, November 7th. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the stock an “equal weight” rating in a report on Friday, October 17th. Finally, The Goldman Sachs Group upped their target price on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, October 6th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $111.29.

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.