Parallel Advisors LLC boosted its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 47.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,353 shares of the bank’s stock after buying an additional 1,730 shares during the period. Parallel Advisors LLC’s holdings in Bank of New York Mellon were worth $242,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Trustcore Financial Services LLC lifted its stake in shares of Bank of New York Mellon by 204.6% in the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock valued at $29,000 after purchasing an additional 442 shares during the last quarter. Atwater Malick LLC bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at approximately $31,000. Mirova bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the second quarter worth approximately $43,000. Finally, Baystate Wealth Management LLC raised its holdings in shares of Bank of New York Mellon by 386.0% in the third quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock worth $45,000 after buying an additional 799 shares during the period. 82.34% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on BK shares. Buckingham Research reduced their price target on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a report on Thursday, July 18th. Credit Suisse Group increased their price target on Bank of New York Mellon from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Deutsche Bank reduced their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 21st. Morgan Stanley reduced their price target on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a report on Friday, October 4th. Finally, ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Monday, October 21st. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $47.90.
Shares of NYSE BK traded down $0.20 during midday trading on Friday, hitting $49.20. The company’s stock had a trading volume of 3,381,908 shares, compared to its average volume of 5,128,121. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $45.56 and its two-hundred day moving average is $45.13. Bank of New York Mellon Corp has a 12-month low of $40.52 and a 12-month high of $54.27. The firm has a market cap of $46.35 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.13.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.08. The firm had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a return on equity of 10.57% and a net margin of 19.31%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 earnings per share. On average, analysts predict that Bank of New York Mellon Corp will post 3.98 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, October 28th were issued a dividend of $0.31 per share. The ex-dividend date was Friday, October 25th. This represents a $1.24 annualized dividend and a yield of 2.52%. Bank of New York Mellon’s payout ratio is currently 29.45%.
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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