Westchester Capital Management Inc. Grows Stock Position in Bank of New York Mellon Corp (NYSE:BK)

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Westchester Capital Management Inc. boosted its stake in Bank of New York Mellon Corp (NYSE:BK) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 181,284 shares of the bank’s stock after acquiring an additional 3,105 shares during the quarter. Bank of New York Mellon comprises about 3.2% of Westchester Capital Management Inc.’s holdings, making the stock its 21st largest holding. Westchester Capital Management Inc.’s holdings in Bank of New York Mellon were worth $8,196,000 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 BK. Trustcore Financial Services LLC boosted its stake in shares of Bank of New York Mellon by 204.6% during the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock valued at $29,000 after buying an additional 442 shares during the last quarter. Atwater Malick LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $31,000. Mirova acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $43,000. Finally, Bourgeon Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $45,000. Hedge funds and other institutional investors own 82.34% of the company’s stock.

BK stock traded down $0.20 during trading hours on Friday, hitting $49.20. 3,381,908 shares of the stock traded hands, compared to its average volume of 5,128,121. The stock has a 50-day simple moving average of $45.56 and a 200 day simple moving average of $45.13. Bank of New York Mellon Corp has a one year low of $40.52 and a one year high of $54.27. The company has a market cap of $46.35 billion, a P/E ratio of 11.69, a P/E/G 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.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.08. Bank of New York Mellon had a return on equity of 10.57% and a net margin of 19.31%. The business had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the company posted $1.06 EPS. Bank of New York Mellon’s revenue for the quarter was down 5.1% on a year-over-year basis. Analysts forecast that Bank of New York Mellon Corp will post 3.98 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Monday, October 28th were given a $0.31 dividend. The ex-dividend date was Friday, October 25th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.52%. Bank of New York Mellon’s dividend payout ratio (DPR) is 29.45%.

In related news, EVP Mitchell E. Harris sold 50,000 shares of the stock in a transaction on Thursday, October 17th. The stock was sold at an average price of $44.60, for a total value of $2,230,000.00. Following the completion of the transaction, the executive vice president now owns 142,266 shares in the company, valued at approximately $6,345,063.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.71% of the company’s stock.

BK has been the topic of several research reports. JPMorgan Chase & Co. dropped their price target on Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating on the stock in a research report on Thursday, October 10th. Buckingham Research dropped their target price on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Morgan Stanley dropped their target price on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a research report on Friday, October 4th. Wolfe Research raised Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 2nd. Finally, Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Bank of New York Mellon presently has a consensus rating of “Hold” and an average price target of $47.90.

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

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