Commerce Bank lowered its position in Bank of New York Mellon Corp (NYSE:BK) by 12.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,139 shares of the bank’s stock after selling 3,842 shares during the quarter. Commerce Bank’s holdings in Bank of New York Mellon were worth $1,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Quad Cities Investment Group LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $102,000. Kaizen Advisory LLC lifted its position in 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 purchasing an additional 1,565 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $172,000. Squar Milner Financial Services LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $180,000. Finally, Palladium Partners LLC bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $201,000. 83.47% of the stock is owned by institutional investors and hedge funds.
Shares of Bank of New York Mellon stock opened at $48.50 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The company has a market cap of $48.22 billion, a P/E ratio of 13.47, a price-to-earnings-growth ratio of 1.51 and a beta of 1.04. Bank of New York Mellon Corp has a 52 week low of $45.16 and a 52 week high of $58.99.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.02. The company had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4.15 billion. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.94 earnings per share. On average, equities analysts predict that Bank of New York Mellon Corp will post 4.17 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Tuesday, October 30th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Monday, October 29th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. Bank of New York Mellon’s dividend payout ratio is presently 31.11%.
BK has been the subject of several recent research reports. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Keefe, Bruyette & Woods downgraded Bank of New York Mellon from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $55.00 to $49.00 in a research report on Friday, October 19th. Deutsche Bank boosted their price objective on Bank of New York Mellon from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Citigroup lowered their price objective on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Finally, Wolfe Research initiated coverage on Bank of New York Mellon in a research report on Tuesday, September 25th. They issued an “underperform” rating for the company. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $58.38.
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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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