Claybrook Capital LLC bought a new stake in shares of Bank of New York Mellon Corp (NYSE:BK) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 4,317 shares of the bank’s stock, valued at approximately $203,000.
Other institutional investors also recently added to or reduced their stakes in the company. Lavaca Capital LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $27,000. Berman Capital Advisors LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $33,000. Essex Savings Bank acquired a new position in Bank of New York Mellon during the fourth quarter worth $35,000. Bruderman Asset Management LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth $35,000. Finally, Destination Wealth Management raised its holdings in Bank of New York Mellon by 733.7% during the fourth quarter. Destination Wealth Management now owns 767 shares of the bank’s stock worth $36,000 after buying an additional 675 shares during the last quarter. Institutional investors own 83.92% of the company’s stock.
Several research firms have weighed in on BK. Credit Suisse Group lowered their price objective on shares of Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, December 7th. Vining Sparks restated a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Zacks Investment Research upgraded shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, January 21st. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $55.00 to $52.00 in a report on Wednesday, January 9th. Finally, ValuEngine upgraded shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Bank of New York Mellon has a consensus rating of “Hold” and a consensus price target of $55.38.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.07. The company had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $4.02 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The firm’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. On average, equities research analysts anticipate that Bank of New York Mellon Corp will post 4.26 earnings per share for the current fiscal year.
Bank of New York Mellon declared that its board has authorized a stock buyback plan on Monday, December 10th that authorizes the company to buyback $830.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, Director Edward P. Garden sold 1,400,000 shares of the stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $53.64, for a total transaction of $75,096,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,107,000 shares of the stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $53.48, for a total transaction of $112,682,360.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,713,437 shares of company stock valued at $198,594,100. 1.76% of the stock is currently owned by corporate insiders.
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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