New Mexico Educational Retirement Board cut its stake in Bank of New York Mellon Corp (NYSE:BK) by 3.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,860 shares of the bank’s stock after selling 2,500 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Bank of New York Mellon were worth $3,826,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of BK. Lavaca Capital LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $27,000. Berman Capital Advisors LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $33,000. Sontag Advisory LLC purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $33,000. Valley National Advisers Inc. lifted its stake in Bank of New York Mellon by 76.5% in the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares in the last quarter. Finally, Essex Savings Bank purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $35,000. 87.61% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently commented on the stock. 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 reaffirmed a “buy” rating and set a $55.00 price target on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Deutsche Bank lifted their price target 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. Finally, Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $52.00 in a research report on Wednesday, January 9th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Bank of New York Mellon presently has an average rating of “Hold” and a consensus target price of $56.14.
Bank of New York Mellon stock opened at $49.91 on Wednesday. Bank of New York Mellon Corp has a fifty-two week low of $43.67 and a fifty-two week high of $58.22. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.70 and a quick ratio of 0.70. The company has a market capitalization of $50.22 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.50 and a beta of 1.03.
Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The company had revenue of $3.90 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business posted $1.10 EPS. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of New York Mellon Corp will post 4.25 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Investors of record on Monday, April 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.24%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 26.60%.
In other Bank of New York Mellon news, CEO Charles W. Scharf sold 4,674 shares of the business’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $52.99, for a total value of $247,675.26. Following the completion of the transaction, the chief executive officer now owns 304,118 shares in the company, valued at $16,115,212.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Edward P. Garden sold 171,960 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $52.28, for a total transaction of $8,990,068.80. The disclosure for this sale can be found here. Insiders sold a total of 3,713,437 shares of company stock valued at $198,594,100 in the last quarter. 1.71% of the stock is owned by insiders.
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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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