Flippin Bruce & Porter Inc. decreased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 3.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 68,362 shares of the bank’s stock after selling 2,275 shares during the quarter. Flippin Bruce & Porter Inc.’s holdings in Bank of New York Mellon were worth $3,091,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in BK. Trustcore Financial Services LLC boosted its stake in Bank of New York Mellon by 204.6% during the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock valued at $29,000 after purchasing an additional 442 shares during the period. Atwater Malick LLC bought a new stake in Bank of New York Mellon during the 3rd quarter valued at approximately $31,000. Mirova bought a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC bought a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $43,000. Finally, Baystate Wealth Management LLC boosted its stake in Bank of New York Mellon by 386.0% during the 3rd quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock valued at $45,000 after purchasing an additional 799 shares during the period. Hedge funds and other institutional investors own 82.34% of the company’s stock.
In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 1.71% of the company’s stock.
Bank of New York Mellon stock traded down $0.20 during trading hours on Friday, hitting $49.20. The stock had a trading volume of 3,435,503 shares, compared to its average volume of 5,128,121. The company has a 50-day moving average of $45.56 and a two-hundred day moving average of $45.13. The company has a quick ratio of 0.71, a current ratio of 0.70 and a debt-to-equity ratio of 0.76. The company has a market cap of $46.35 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.13. Bank of New York Mellon Corp has a fifty-two week low of $40.52 and a fifty-two week high of $54.27.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 EPS for the quarter, beating the consensus estimate of $0.99 by $0.08. The firm had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Bank of New York Mellon had a return on equity of 10.57% and a net margin of 19.31%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.06 EPS. As a group, analysts forecast that Bank of New York Mellon Corp will post 3.98 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, October 28th will be issued a $0.31 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.24 annualized dividend and a yield of 2.52%. Bank of New York Mellon’s dividend payout ratio (DPR) is 29.45%.
Several brokerages recently weighed in on BK. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their target price for the company from $46.00 to $47.00 in a research note on Thursday, July 18th. Morgan Stanley decreased their target price 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. Deutsche Bank decreased their target price on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 21st. ValuEngine cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Finally, Buckingham Research cut their price target on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $47.90.
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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