Keystone Financial Group reduced its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,400 shares of the bank’s stock after selling 244 shares during the quarter. Keystone Financial Group’s holdings in Bank of New York Mellon were worth $272,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Private Capital Group LLC increased its stake in shares of Bank of New York Mellon by 3.6% in the fourth quarter. Private Capital Group LLC now owns 5,628 shares of the bank’s stock worth $265,000 after acquiring an additional 197 shares during the last quarter. CWM LLC boosted its holdings in Bank of New York Mellon by 13.3% in the fourth quarter. CWM LLC now owns 1,728 shares of the bank’s stock worth $81,000 after purchasing an additional 203 shares in the last quarter. Marathon Capital Management boosted its holdings in Bank of New York Mellon by 1.9% in the fourth quarter. Marathon Capital Management now owns 11,040 shares of the bank’s stock worth $519,000 after purchasing an additional 210 shares in the last quarter. Highstreet Asset Management Inc. boosted its holdings in Bank of New York Mellon by 1.9% in the fourth quarter. Highstreet Asset Management Inc. now owns 11,558 shares of the bank’s stock worth $544,000 after purchasing an additional 216 shares in the last quarter. Finally, Quadrant Capital Group LLC boosted its holdings in Bank of New York Mellon by 6.2% in the fourth quarter. Quadrant Capital Group LLC now owns 3,792 shares of the bank’s stock worth $168,000 after purchasing an additional 223 shares in the last quarter. 87.88% of the stock is currently owned by institutional investors.
BK stock opened at $46.54 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 0.68 and a quick ratio of 0.68. Bank of New York Mellon Corp has a 52-week low of $43.67 and a 52-week high of $58.22. The stock has a market cap of $44.53 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 1.39 and a beta of 1.01.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $3.90 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the company earned $1.10 earnings per share. The firm’s revenue was down 6.7% on a year-over-year basis. As a group, equities analysts anticipate that Bank of New York Mellon Corp will post 4.07 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Monday, April 29th were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend was Friday, April 26th. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.60%.
In related news, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $49.43, for a total transaction of $1,235,750.00. Following the completion of the sale, the executive vice president now owns 93,418 shares of the company’s stock, valued at approximately $4,617,651.74. The disclosure for this sale can be found here. Insiders have sold 825,900 shares of company stock valued at $41,761,281 over the last 90 days. Corporate insiders own 1.71% of the company’s stock.
BK has been the subject of a number of recent research reports. Royal Bank of Canada decreased their price objective on shares of Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a report on Thursday, April 18th. Deutsche Bank upped their price objective on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Zacks Investment Research upgraded shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, January 21st. Vining Sparks reiterated a “buy” rating and issued a $55.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Finally, Buckingham Research decreased their price objective on shares of Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, April 18th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $53.75.
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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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