SG Americas Securities LLC raised its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 49.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 271,872 shares of the bank’s stock after buying an additional 89,692 shares during the period. SG Americas Securities LLC’s holdings in Bank of New York Mellon were worth $12,291,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Trustcore Financial Services LLC increased its stake in shares of Bank of New York Mellon by 204.6% in the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after purchasing an additional 442 shares in the last quarter. Atwater Malick LLC purchased a new stake in shares of Bank of New York Mellon in the 3rd quarter worth $31,000. Mirova purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $41,000. Stonebridge Capital Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth $43,000. Finally, Baystate Wealth Management LLC increased its stake in shares of Bank of New York Mellon by 386.0% in the 3rd quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock worth $45,000 after purchasing an additional 799 shares in the last quarter. Institutional investors and hedge funds own 82.34% of the company’s stock.
In related news, EVP Mitchell E. Harris sold 50,000 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total value of $2,230,000.00. Following the completion of the transaction, the executive vice president now owns 142,266 shares of the company’s stock, valued at approximately $6,345,063.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.71% of the company’s stock.
Several equities research analysts have recently commented on BK shares. Morgan Stanley reduced their price objective on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a research note on Friday, October 4th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their price objective for the stock from $46.00 to $47.00 in a research note on Thursday, July 18th. Credit Suisse Group upped their target price on shares of Bank of New York Mellon from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wolfe Research raised shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 2nd. Finally, Deutsche Bank dropped their target price on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 21st. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $47.90.
Bank of New York Mellon stock traded down $0.20 during mid-day trading on Friday, hitting $49.20. The stock had a trading volume of 3,381,908 shares, compared to its average volume of 5,128,121. The firm has a market capitalization of $46.35 billion, a P/E ratio of 11.69, a P/E/G ratio of 1.50 and a beta of 1.13. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The firm’s 50 day moving average is $45.56 and its 200 day moving average is $45.13. Bank of New York Mellon Corp has a one year low of $40.52 and a one year high of $54.27.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.08. The company had revenue of $3.86 billion during the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. Bank of New York Mellon’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.06 EPS. As a group, equities research analysts forecast that Bank of New York Mellon Corp will post 3.98 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Monday, October 28th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.52%. The ex-dividend date was Friday, October 25th. Bank of New York Mellon’s dividend payout ratio is currently 29.45%.
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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