LSV Asset Management decreased its position in Bank of New York Mellon Corp (NYSE:BK) by 7.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,277,085 shares of the bank’s stock after selling 269,558 shares during the period. LSV Asset Management owned about 0.33% of Bank of New York Mellon worth $154,252,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of BK. FMR LLC raised its holdings in Bank of New York Mellon by 123.2% in the 2nd quarter. FMR LLC now owns 18,383,793 shares of the bank’s stock valued at $991,438,000 after acquiring an additional 10,147,809 shares in the last quarter. Matthew Goff Investment Advisor LLC raised its holdings in Bank of New York Mellon by 5,293.0% in the 3rd quarter. Matthew Goff Investment Advisor LLC now owns 6,527,983 shares of the bank’s stock valued at $121,045,000 after acquiring an additional 6,406,938 shares in the last quarter. Marathon Asset Management LLP acquired a new position in Bank of New York Mellon in the 4th quarter valued at approximately $57,526,000. Gateway Investment Advisers LLC raised its holdings in shares of Bank of New York Mellon by 2,510.1% in the 4th quarter. Gateway Investment Advisers LLC now owns 1,258,626 shares of the bank’s stock worth $59,244,000 after buying an additional 1,210,405 shares in the last quarter. Finally, Macquarie Group Ltd. raised its holdings in shares of Bank of New York Mellon by 8.6% in the 3rd quarter. Macquarie Group Ltd. now owns 13,881,749 shares of the bank’s stock worth $707,831,000 after buying an additional 1,104,071 shares in the last quarter. 84.45% of the stock is owned by hedge funds and other institutional investors.
BK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods cut Bank of New York Mellon from a “market perform” rating to an “underperform” rating and dropped their target price for the stock from $55.00 to $49.00 in a report on Friday, October 19th. Citigroup dropped their target price on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 19th. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Vining Sparks reissued a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Finally, Deutsche Bank dropped their target price on Bank of New York Mellon from $55.00 to $54.00 and set a “buy” rating for the company in a report on Friday, November 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $55.00.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.07. Bank of New York Mellon had a return on equity of 11.53% and a net margin of 22.19%. The firm had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the firm posted $0.91 EPS. The business’s revenue was up 7.5% on a year-over-year basis. As a group, equities research analysts expect that Bank of New York Mellon Corp will post 4.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, February 8th. Investors of record on Monday, January 28th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, January 25th. This represents a $1.12 dividend on an annualized basis and a yield of 2.15%. Bank of New York Mellon’s dividend payout ratio is 26.60%.
Bank of New York Mellon declared that its Board of Directors has approved a share buyback plan on Monday, December 10th that permits the company to repurchase $830.00 million in outstanding shares. This repurchase authorization permits the bank to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Edward P. Garden sold 1,400,000 shares of the firm’s stock in a transaction on Friday, January 25th. The stock was sold at an average price of $53.64, for a total transaction of $75,096,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Trian Fund Management, L.P. sold 2,107,000 shares of the firm’s stock in a transaction on Monday, January 28th. The shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The disclosure for this sale can be found here. Company insiders own 1.76% of the company’s stock.
Bank of New York Mellon Company 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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