Bp Plc increased its position in Bank of New York Mellon Corp (NYSE:BK) by 60.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 194,000 shares of the bank’s stock after purchasing an additional 73,000 shares during the quarter. Bp Plc’s holdings in Bank of New York Mellon were worth $10,451,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Invictus RG bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at about $102,000. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $124,000. Advisory Services Network LLC grew its stake in Bank of New York Mellon by 15.5% in the 2nd quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after buying an additional 363 shares during the last quarter. Horan Capital Advisors LLC. acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $139,000. Finally, Sawyer & Company Inc acquired a new position in Bank of New York Mellon in the 4th quarter valued at about $164,000. 83.75% of the stock is currently owned by institutional investors.
A number of research analysts recently commented on BK shares. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a research note on Sunday, January 21st. Royal Bank of Canada reiterated a “hold” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, November 15th. JPMorgan Chase & Co. lowered shares of Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 price target on the stock. in a research note on Friday, January 19th. Vining Sparks reiterated a “hold” rating and issued a $60.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, January 24th. Finally, Morgan Stanley upgraded shares of Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and set a $60.00 price target on the stock in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $56.76.
Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.91. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $0.77 EPS. sell-side analysts expect that Bank of New York Mellon Corp will post 4.06 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 9th. Investors of record on Tuesday, January 30th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 1.80%. Bank of New York Mellon’s dividend payout ratio is 25.74%.
In related news, Director Edward P. Garden sold 143,792 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $52.52, for a total transaction of $7,551,955.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Thomas P. Gibbons sold 38,152 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $54.15, for a total transaction of $2,065,930.80. Following the sale, the chief financial officer now owns 310,002 shares in the company, valued at approximately $16,786,608.30. The disclosure for this sale can be found here. Insiders have sold a total of 831,944 shares of company stock worth $43,807,887 in the last quarter. 3.60% of the stock is currently owned by company insiders.
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About Bank of New York Mellon
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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