Tredje AP fonden cut its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.4% during the first quarter, HoldingsChannel.com reports. The firm owned 61,874 shares of the bank’s stock after selling 3,545 shares during the period. Tredje AP fonden’s holdings in Bank of New York Mellon were worth $2,496,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. IFP Advisors Inc lifted its stake in shares of Bank of New York Mellon by 40.3% in the fourth quarter. IFP Advisors Inc now owns 2,460 shares of the bank’s stock valued at $123,000 after purchasing an additional 706 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Bank of New York Mellon by 3.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 196,334 shares of the bank’s stock valued at $9,881,000 after buying an additional 5,765 shares in the last quarter. Clarius Group LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at approximately $200,000. SeaCrest Wealth Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter valued at approximately $303,000. Finally, FinTrust Capital Advisors LLC boosted its stake in shares of Bank of New York Mellon by 33.5% during the 4th quarter. FinTrust Capital Advisors LLC now owns 1,008 shares of the bank’s stock worth $51,000 after acquiring an additional 253 shares in the last quarter. 82.63% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised Bank of New York Mellon from an “underweight” rating to a “neutral” rating in a report on Sunday, April 19th. Bank of America dropped their price target on Bank of New York Mellon from $36.00 to $30.00 and set a “neutral” rating for the company in a research report on Monday, March 23rd. UBS Group decreased their price objective on shares of Bank of New York Mellon from $56.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, April 6th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $49.00 price objective on the stock in a research note on Wednesday, April 1st. Finally, Goldman Sachs Group upgraded shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and cut their target price for the stock from $49.00 to $39.00 in a research report on Tuesday, March 24th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $42.97.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Thursday, April 16th. The bank reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.15. Bank of New York Mellon had a net margin of 21.60% and a return on equity of 10.59%. The firm had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $3.87 billion. During the same period in the previous year, the company earned $0.94 EPS. Bank of New York Mellon’s revenue for the quarter was down 14.8% on a year-over-year basis. As a group, equities analysts forecast that Bank of New York Mellon Corp will post 3.46 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Tuesday, April 28th were paid a $0.31 dividend. The ex-dividend date was Monday, April 27th. This represents a $1.24 annualized dividend and a yield of 3.59%. Bank of New York Mellon’s payout ratio is currently 30.85%.
In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 10,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $35.12, for a total transaction of $351,200.00. Following the transaction, the executive vice president now owns 119,870 shares of the company’s stock, valued at $4,209,834.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Bridget E. Engle sold 37,913 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The shares were sold at an average price of $37.53, for a total transaction of $1,422,874.89. Following the completion of the transaction, the vice president now owns 100,160 shares in the company, valued at approximately $3,759,004.80. The disclosure for this sale can be found here. Insiders have sold 245,292 shares of company stock worth $8,743,527 over the last quarter. 0.12% of the stock is currently owned by company insiders.
About Bank of New York Mellon
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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