TIAA CREF Investment Management LLC reduced its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,268,153 shares of the bank’s stock after selling 328,076 shares during the quarter. TIAA CREF Investment Management LLC owned 0.52% of Bank of New York Mellon worth $283,743,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in BK. Wealthfront Inc. lifted its stake in Bank of New York Mellon by 6.6% during the fourth quarter. Wealthfront Inc. now owns 47,762 shares of the bank’s stock worth $2,572,000 after purchasing an additional 2,974 shares during the last quarter. Rothschild Asset Management Inc. bought a new position in Bank of New York Mellon during the third quarter worth $612,000. Steward Partners Investment Advisory LLC bought a new position in Bank of New York Mellon during the third quarter worth $748,000. Taylor Hoffman Wealth Management bought a new position in Bank of New York Mellon during the fourth quarter worth $144,000. Finally, Stratos Wealth Partners LTD. bought a new position in Bank of New York Mellon during the third quarter worth $1,119,000. Institutional investors own 84.20% of the company’s stock.
Several equities analysts recently issued reports on BK shares. Royal Bank of Canada restated a “hold” rating and set a $58.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, November 15th. ValuEngine upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Tuesday, December 5th. Zacks Investment Research upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Wednesday, December 20th. Barclays raised their price objective on Bank of New York Mellon from $55.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Finally, Vining Sparks restated a “buy” rating and set a $62.00 price objective on shares of Bank of New York Mellon in a research note on Monday, January 8th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eight have given a buy rating to the company’s stock. Bank of New York Mellon has a consensus rating of “Hold” and a consensus price target of $58.03.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.91. Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The firm had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period last year, the company earned $0.77 earnings per share. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. equities analysts anticipate that Bank of New York Mellon Corp will post 4.02 EPS for the current fiscal year.
In other Bank of New York Mellon news, Director Trian Fund Management, L.P. purchased 360,000 shares of the stock in a transaction dated Friday, March 9th. The shares were bought at an average cost of $56.67 per share, with a total value of $20,401,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Bridget E. Engle sold 38,928 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $56.62, for a total value of $2,204,103.36. Following the transaction, the insider now directly owns 68,046 shares in the company, valued at $3,852,764.52. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.
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Bank of New York Mellon Profile
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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