Amundi Pioneer Asset Management Inc. Sells 137,993 Shares of Bank of New York Mellon Corp (NYSE:BK)

Amundi Pioneer Asset Management Inc. trimmed its holdings in Bank of New York Mellon Corp (NYSE:BK) by 8.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,404,338 shares of the bank’s stock after selling 137,993 shares during the quarter. Amundi Pioneer Asset Management Inc. owned 0.15% of Bank of New York Mellon worth $70,821,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Teza Capital Management LLC bought a new position in Bank of New York Mellon in the first quarter worth $1,354,000. Bragg Financial Advisors Inc lifted its holdings in shares of Bank of New York Mellon by 3.4% during the 1st quarter. Bragg Financial Advisors Inc now owns 110,466 shares of the bank’s stock valued at $5,571,000 after buying an additional 3,605 shares during the period. Private Advisor Group LLC lifted its holdings in shares of Bank of New York Mellon by 5.8% during the 1st quarter. Private Advisor Group LLC now owns 41,482 shares of the bank’s stock valued at $2,092,000 after buying an additional 2,279 shares during the period. ProVise Management Group LLC lifted its holdings in shares of Bank of New York Mellon by 1.3% during the 1st quarter. ProVise Management Group LLC now owns 51,004 shares of the bank’s stock valued at $2,572,000 after buying an additional 630 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $1,486,000. 84.20% of the stock is owned by institutional investors.

Shares of NYSE:BK traded up $0.32 during trading on Monday, reaching $44.47. 4,123,900 shares of the company were exchanged, compared to its average volume of 5,031,531. The company has a market capitalization of $42.97 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.34 and a beta of 1.04. The business’s fifty day simple moving average is $44.48. Bank of New York Mellon Corp has a 12-month low of $42.13 and a 12-month high of $55.69. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.84.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a net margin of 20.69% and a return on equity of 10.98%. The business had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the company posted $1.10 EPS. The firm’s revenue was down 6.7% on a year-over-year basis. On average, sell-side analysts expect that Bank of New York Mellon Corp will post 3.99 EPS for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has approved a share buyback program on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

A number of research firms have recently commented on BK. Buckingham Research cut their target price on shares of Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating for the company in a research note on Thursday, April 18th. Deutsche Bank downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and cut their price target for the company from $50.00 to $44.00 in a report on Tuesday, June 18th. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, June 5th. UBS Group reduced their price objective on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research note on Wednesday, June 26th. Finally, Zacks Investment Research downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus target price of $51.10.

In other Bank of New York Mellon news, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total value of $1,235,750.00. Following the transaction, the executive vice president now owns 93,418 shares of the company’s stock, valued at $4,617,651.74. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate insiders.

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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