Renaissance Technologies LLC Acquires Shares of 483,377 Bank of New York Mellon Corp (BK)

Renaissance Technologies LLC acquired a new position in shares of Bank of New York Mellon Corp (NYSE:BK) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 483,377 shares of the bank’s stock, valued at approximately $26,035,000.

Several other institutional investors and hedge funds have also modified their holdings of BK. Invictus RG purchased a new position in shares of Bank of New York Mellon during the 3rd quarter worth approximately $102,000. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $120,000. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $124,000. Taylor Hoffman Wealth Management purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $144,000. Finally, Sawyer & Company Inc purchased a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $164,000. 84.12% of the stock is owned by institutional investors and hedge funds.

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BK stock opened at $50.73 on Friday. The firm has a market cap of $52,527.14, a price-to-earnings ratio of 14.41, a price-to-earnings-growth ratio of 1.66 and a beta of 1.16. Bank of New York Mellon Corp has a 1-year low of $45.12 and a 1-year high of $58.99. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.91. The company had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. Bank of New York Mellon’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.77 EPS. equities research analysts expect that Bank of New York Mellon Corp will post 4.04 earnings per share for the current year.

Several analysts have commented on the stock. Vining Sparks reaffirmed a “hold” rating and issued a $60.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, January 24th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Goldman Sachs cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. They noted that the move was a valuation call. Bank of America raised shares of Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a research note on Wednesday, March 7th. Finally, Barclays reaffirmed a “buy” rating on shares of Bank of New York Mellon in a research note on Sunday, January 21st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.03.

In related news, Director Trian Fund Management, L.P. purchased 360,000 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were bought at an average price of $56.67 per share, for a total transaction of $20,401,200.00. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bridget E. Engle sold 38,928 shares of Bank of New York Mellon stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $56.62, for a total transaction of $2,204,103.36. Following the completion of the transaction, the insider now owns 68,046 shares in the company, valued at approximately $3,852,764.52. The disclosure for this sale can be found here. 1.76% of the stock is 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.

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

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