Archford Capital Strategies LLC bought a new stake in shares of The Bank of New York Mellon (NYSE:BK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 4,457 shares of the bank’s stock, valued at approximately $240,000.
Several other hedge funds and other institutional investors have also modified their holdings of BK. Invictus RG bought a new position in shares of The Bank of New York Mellon during the third quarter valued at approximately $102,000. Vestpro Financial Partners Inc. dba CPF Texas purchased a new stake in The Bank of New York Mellon in the fourth quarter worth $120,000. Rowland & Co. Investment Counsel ADV purchased a new stake in shares of The Bank of New York Mellon in the fourth quarter worth $124,000. Horan Capital Advisors LLC. purchased a new stake in shares of The Bank of New York Mellon in the third quarter worth $139,000. Finally, Taylor Hoffman Wealth Management purchased a new stake in shares of The Bank of New York Mellon in the fourth quarter worth $144,000. 84.12% of the stock is owned by institutional investors.
In other The Bank of New York Mellon news, insider Bridget E. Engle sold 38,928 shares of The Bank of New York Mellon stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $56.62, for a total value of $2,204,103.36. Following the sale, the insider now owns 68,046 shares of the company’s stock, valued at approximately $3,852,764.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trian Fund Management, L.P. purchased 360,000 shares of The Bank of New York Mellon stock in a transaction dated Friday, March 9th. The shares were bought at an average price of $56.67 per share, with a total value of $20,401,200.00. The disclosure for this purchase can be found here. 1.76% of the stock is currently owned by insiders.
Shares of The Bank of New York Mellon stock traded up $1.06 during mid-day trading on Thursday, reaching $52.01. 3,757,295 shares of the stock traded hands, compared to its average volume of 5,012,257. The Bank of New York Mellon has a fifty-two week low of $45.88 and a fifty-two week high of $58.99. The stock has a market capitalization of $51,880.90, a P/E ratio of 14.45, a PEG ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.70 and a quick ratio of 0.70.
The Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, hitting the consensus estimate of $0.91. The Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The company had revenue of $3.73 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the business posted $0.77 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. research analysts anticipate that The Bank of New York Mellon will post 4.03 EPS for the current fiscal year.
A number of research analysts have weighed in on the company. Citigroup raised The Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 target price on the stock in a report on Wednesday, January 10th. Deutsche Bank decreased their price objective on The Bank of New York Mellon from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, April 6th. Morgan Stanley lifted their target price on The Bank of New York Mellon from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Bank of America upgraded The Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 price target for the company in a report on Wednesday, March 7th. Finally, Keefe, Bruyette & Woods set a $57.00 target price on The Bank of New York Mellon and gave the stock a “hold” rating in a report on Thursday, March 8th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $57.53.
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About The 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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