Auxier Asset Management lessened its stake in Bank of New York Mellon Corp (NYSE:BK) by 2.5% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 273,904 shares of the bank’s stock after selling 7,125 shares during the quarter. Bank of New York Mellon makes up about 3.0% of Auxier Asset Management’s holdings, making the stock its 4th largest position. Auxier Asset Management’s holdings in Bank of New York Mellon were worth $14,772,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of BK. Rowland & Co. Investment Counsel ADV bought a new stake in Bank of New York Mellon during the second quarter worth $102,000. Quad Cities Investment Group LLC bought a new stake in shares of Bank of New York Mellon in the second quarter valued at $102,000. Patten Group Inc. raised its stake in shares of Bank of New York Mellon by 44.4% in the first quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock valued at $124,000 after buying an additional 900 shares during the period. Kaizen Advisory LLC raised its stake in shares of Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after buying an additional 1,565 shares during the period. Finally, Ostrum Asset Management bought a new stake in shares of Bank of New York Mellon in the first quarter valued at $148,000. Institutional investors own 83.40% of the company’s stock.
Several analysts have issued reports on BK shares. Raymond James lowered Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 12th. Zacks Investment Research upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Tuesday, May 22nd. Vining Sparks restated a “buy” rating and issued a $62.00 target price on shares of Bank of New York Mellon in a research note on Monday, July 23rd. Sandler O’Neill restated a “hold” rating on shares of Bank of New York Mellon in a research note on Friday, July 13th. Finally, ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Tuesday, August 7th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Bank of New York Mellon currently has an average rating of “Hold” and an average target price of $58.89.
Shares of NYSE BK opened at $51.22 on Friday. The firm has a market capitalization of $52.24 billion, a PE ratio of 14.23, a P/E/G ratio of 1.63 and a beta of 1.04. Bank of New York Mellon Corp has a fifty-two week low of $49.39 and a fifty-two week high of $58.99. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.69 and a quick ratio of 0.69.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.88 earnings per share. equities research analysts predict that Bank of New York Mellon Corp will post 4.18 earnings per share for the current year.
Bank of New York Mellon declared that its Board of Directors has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to repurchase $2.40 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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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