Bartlett & Co. LLC Grows Stock Position in Bank of New York Mellon Corp (NYSE:BK)

Bartlett & Co. LLC boosted its stake in Bank of New York Mellon Corp (NYSE:BK) by 16.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,576 shares of the bank’s stock after acquiring an additional 5,650 shares during the quarter. Bartlett & Co. LLC’s holdings in Bank of New York Mellon were worth $1,834,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Longview Partners Guernsey LTD boosted its holdings in Bank of New York Mellon by 31.4% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,407,419 shares of the bank’s stock worth $1,165,888,000 after acquiring an additional 6,313,870 shares during the period. Macquarie Group Ltd. boosted its holdings in Bank of New York Mellon by 8.2% in the 2nd quarter. Macquarie Group Ltd. now owns 15,625,495 shares of the bank’s stock worth $689,865,000 after acquiring an additional 1,190,481 shares during the period. Invesco Ltd. boosted its holdings in Bank of New York Mellon by 17.3% in the 2nd quarter. Invesco Ltd. now owns 7,626,951 shares of the bank’s stock worth $336,730,000 after acquiring an additional 1,126,449 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Bank of New York Mellon by 3.1% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,795,269 shares of the bank’s stock worth $211,712,000 after acquiring an additional 145,787 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in Bank of New York Mellon by 14,319.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 4,289,149 shares of the bank’s stock worth $189,366,000 after acquiring an additional 4,259,404 shares during the period. Hedge funds and other institutional investors own 82.34% of the company’s stock.

Bank of New York Mellon stock opened at $49.20 on Friday. The stock has a market cap of $46.35 billion, a P/E ratio of 11.69, a price-to-earnings-growth 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 stock has a 50 day moving average of $45.56 and a 200-day moving average of $45.13. Bank of New York Mellon Corp has a 52 week low of $40.52 and a 52 week high of $54.27.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, October 16th. The bank reported $1.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.08. The company 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 business’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 EPS. As a group, equities analysts predict that Bank of New York Mellon Corp will post 3.98 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Monday, October 28th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, October 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 29.45%.

BK has been the subject of a number of analyst reports. Morgan Stanley decreased their price target on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a report on Friday, October 4th. Credit Suisse Group increased their target price on Bank of New York Mellon from $46.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Buckingham Research reduced their target price on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a research note on Thursday, July 18th. 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. Finally, Deutsche Bank reduced 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. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.90.

In related 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 transaction of $2,230,000.00. Following the sale, the executive vice president now directly owns 142,266 shares of the company’s stock, valued at approximately $6,345,063.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.71% of the company’s stock.

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.

Further Reading: Momentum Indicators

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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