Golub Group LLC increased its position in Bank of New York Mellon Corp (NYSE:BK) by 0.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 632,842 shares of the bank’s stock after acquiring an additional 901 shares during the period. Bank of New York Mellon makes up 2.3% of Golub Group LLC’s portfolio, making the stock its 23rd biggest position. Golub Group LLC owned approximately 0.07% of Bank of New York Mellon worth $28,611,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Cibc World Markets Corp increased its stake in Bank of New York Mellon by 305.1% during the 2nd quarter. Cibc World Markets Corp now owns 471,188 shares of the bank’s stock valued at $20,803,000 after buying an additional 354,862 shares during the period. USS Investment Management Ltd bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $8,878,000. Cetera Investment Advisers boosted its position in shares of Bank of New York Mellon by 5.9% during the 2nd quarter. Cetera Investment Advisers now owns 10,052 shares of the bank’s stock valued at $444,000 after purchasing an additional 564 shares in the last quarter. H2O AM LLP bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $598,000. Finally, Hikari Power Ltd boosted its position in shares of Bank of New York Mellon by 5.6% during the 2nd quarter. Hikari Power Ltd now owns 316,990 shares of the bank’s stock valued at $13,995,000 after purchasing an additional 16,830 shares in the last quarter. 82.34% of the stock is currently owned by institutional investors and hedge funds.
Shares of BK traded down $0.20 during midday trading on Friday, hitting $49.20. The stock had a trading volume of 3,381,908 shares, compared to its average volume of 5,128,121. Bank of New York Mellon Corp has a fifty-two week low of $40.52 and a fifty-two week high of $54.27. The business has a 50-day simple moving average of $45.56 and a two-hundred day simple moving average of $45.13. 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. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, October 16th. The bank reported $1.07 EPS for the quarter, topping the consensus estimate of $0.99 by $0.08. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period last year, the company posted $1.06 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, analysts expect that Bank of New York Mellon Corp will post 3.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, October 28th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Friday, October 25th. Bank of New York Mellon’s payout ratio is 29.45%.
BK has been the subject of several research reports. Wolfe Research upgraded shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 2nd. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Deutsche Bank reduced their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating for the company in a research report on Thursday, October 10th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $47.90.
In related news, EVP Mitchell E. Harris sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total transaction of $2,230,000.00. Following the completion of the sale, the executive vice president now directly owns 142,266 shares in the company, valued at $6,345,063.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.71% of the company’s stock.
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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