Coastline Trust Co reduced its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 15.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,460 shares of the bank’s stock after selling 1,720 shares during the quarter. Coastline Trust Co’s holdings in Bank of New York Mellon were worth $482,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $102,000. Quad Cities Investment Group LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $102,000. Kaizen Advisory LLC lifted its position in shares of Bank of New York Mellon by 157.6% during the 2nd 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 in the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $172,000. Finally, Squar Milner Financial Services LLC purchased a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $180,000. Institutional investors and hedge funds own 83.47% of the company’s stock.
NYSE BK opened at $47.40 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69. Bank of New York Mellon Corp has a 12 month low of $46.37 and a 12 month high of $58.99. The company has a market capitalization of $49.15 billion, a P/E ratio of 13.17, a price-to-earnings-growth ratio of 1.52 and a beta of 1.05.
Bank of New York Mellon declared that its board has approved a share buyback program on Thursday, June 28th that allows the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 4.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be issued a $0.28 dividend. The ex-dividend date is Monday, October 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.36%. Bank of New York Mellon’s dividend payout ratio is presently 31.11%.
A number of research analysts have recently weighed in on the company. Citigroup lowered their price objective on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday. Keefe, Bruyette & Woods cut 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. ValuEngine cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Sandler O’Neill reaffirmed a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $62.00 price objective on shares of Bank of New York Mellon in a research report on Monday, July 23rd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $58.35.
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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