HL Financial Services LLC bought a new position in Bank of New York Mellon Corp (NYSE:BK) during the first quarter, HoldingsChannel reports. The fund bought 3,963 shares of the bank’s stock, valued at approximately $200,000.
A number of other hedge funds also recently modified their holdings of the business. FMR LLC lifted its position in Bank of New York Mellon by 36.4% during the fourth quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock valued at $1,534,974,000 after acquiring an additional 8,695,718 shares during the last quarter. Norges Bank purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $390,153,000. Oregon Public Employees Retirement Fund lifted its position in Bank of New York Mellon by 4,153.3% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 4,711,519 shares of the bank’s stock valued at $100,000 after acquiring an additional 4,600,747 shares during the last quarter. Ronna Sue Cohen lifted its position in Bank of New York Mellon by 4,919.9% during the first quarter. Ronna Sue Cohen now owns 2,207,487 shares of the bank’s stock valued at $2,207,000 after acquiring an additional 2,163,512 shares during the last quarter. Finally, Marathon Asset Management LLP purchased a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $57,526,000. Institutional investors and hedge funds own 87.88% of the company’s stock.
A number of equities research analysts recently commented on BK shares. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, January 21st. Vining Sparks reissued a “buy” rating and set a $55.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Deutsche Bank increased their target price on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, March 15th. ValuEngine cut shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Thursday, April 18th. Finally, Royal Bank of Canada decreased their target price on shares of Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a research report on Thursday, April 18th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $53.75.
In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,797 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $53.00, for a total value of $307,241.00. Following the completion of the transaction, the insider now owns 18,483 shares of the company’s stock, valued at $979,599. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The disclosure for this sale can be found here. In the last ninety days, insiders sold 853,244 shares of company stock valued at $43,210,239. Corporate insiders own 1.71% of the company’s stock.
NYSE BK opened at $47.01 on Thursday. The firm has a market capitalization of $45.15 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 1.41 and a beta of 1.01. Bank of New York Mellon Corp has a 12-month low of $43.67 and a 12-month high of $58.22. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.68 and a quick ratio of 0.68.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.02). The company had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The company’s quarterly revenue was down 6.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.10 EPS. As a group, equities analysts anticipate that Bank of New York Mellon Corp will post 4.07 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Monday, April 29th were issued a $0.28 dividend. The ex-dividend date of this dividend was Friday, April 26th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.38%. Bank of New York Mellon’s dividend payout ratio is currently 26.60%.
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Bank of New York Mellon 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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