Tredje AP fonden decreased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,874 shares of the bank’s stock after selling 3,545 shares during the quarter. Tredje AP fonden’s holdings in Bank of New York Mellon were worth $2,496,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in BK. Northwestern Mutual Investment Management Company LLC raised its position in shares of Bank of New York Mellon by 34.1% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 43,731 shares of the bank’s stock valued at $1,473,000 after buying an additional 11,132 shares during the last quarter. CORDA Investment Management LLC. raised its holdings in Bank of New York Mellon by 20.3% in the 1st quarter. CORDA Investment Management LLC. now owns 458,508 shares of the bank’s stock valued at $15,442,000 after acquiring an additional 77,498 shares during the last quarter. AGF Investments Inc. acquired a new stake in Bank of New York Mellon in the 1st quarter valued at about $97,000. Commerce Bank lifted its stake in Bank of New York Mellon by 10.6% in the 1st quarter. Commerce Bank now owns 42,658 shares of the bank’s stock worth $1,436,000 after purchasing an additional 4,073 shares in the last quarter. Finally, Elgethun Capital Management boosted its holdings in shares of Bank of New York Mellon by 1.6% during the 1st quarter. Elgethun Capital Management now owns 73,907 shares of the bank’s stock worth $2,489,000 after purchasing an additional 1,183 shares during the last quarter. 82.63% of the stock is owned by institutional investors and hedge funds.
In other Bank of New York Mellon news, major shareholder Berkshire Hathaway Inc sold 197,379 shares of the stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $35.31, for a total transaction of $6,969,452.49. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Bridget E. Engle sold 37,913 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $37.53, for a total transaction of $1,422,874.89. Following the completion of the transaction, the vice president now directly owns 100,160 shares of the company’s stock, valued at approximately $3,759,004.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 245,292 shares of company stock worth $8,743,527. 0.12% of the stock is owned by corporate insiders.
Shares of BK stock traded down $0.48 during trading hours on Friday, hitting $34.50. The company had a trading volume of 5,236,437 shares, compared to its average volume of 5,370,310. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market capitalization of $30.97 billion, a PE ratio of 7.42, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12. The company’s fifty day moving average is $35.23 and its 200 day moving average is $42.70. Bank of New York Mellon Corp has a fifty-two week low of $26.40 and a fifty-two week high of $51.60.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, April 16th. The bank reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.15. Bank of New York Mellon had a return on equity of 10.59% and a net margin of 21.60%. The company had revenue of $3.32 billion for the quarter, compared to analyst estimates of $3.87 billion. During the same quarter in the previous year, the company earned $0.94 earnings per share. The firm’s quarterly revenue was down 14.8% compared to the same quarter last year. Equities analysts forecast that Bank of New York Mellon Corp will post 3.46 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Tuesday, April 28th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.59%. The ex-dividend date was Monday, April 27th. Bank of New York Mellon’s payout ratio is 30.85%.
Several equities research analysts recently commented on the company. Royal Bank of Canada reaffirmed a “hold” rating on shares of Bank of New York Mellon in a report on Sunday, April 19th. Evercore ISI raised Bank of New York Mellon from an “underperform” rating to an “in-line” rating in a research note on Sunday, April 19th. Goldman Sachs Group upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $49.00 to $39.00 in a report on Tuesday, March 24th. JPMorgan Chase & Co. raised shares of Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a report on Sunday, April 19th. Finally, Bank of America cut their price objective on shares of Bank of New York Mellon from $36.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $42.97.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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