Bristol Gate Capital Partners Inc. Purchases New Stake in Bank of New York Mellon Corp (BK)

Bristol Gate Capital Partners Inc. purchased a new position in shares of Bank of New York Mellon Corp (NYSE:BK) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 587,412 shares of the bank’s stock, valued at approximately $31,638,000. Bank of New York Mellon accounts for about 4.4% of Bristol Gate Capital Partners Inc.’s portfolio, making the stock its 20th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. RNC Capital Management LLC raised its stake in shares of Bank of New York Mellon by 2.2% during the 2nd quarter. RNC Capital Management LLC now owns 10,140 shares of the bank’s stock valued at $517,000 after buying an additional 221 shares during the last quarter. Advisory Services Network LLC raised its stake in shares of Bank of New York Mellon by 15.5% during 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. Atria Investments LLC raised its stake in shares of Bank of New York Mellon by 7.6% during the 4th quarter. Atria Investments LLC now owns 12,263 shares of the bank’s stock valued at $660,000 after buying an additional 871 shares during the last quarter. Winslow Evans & Crocker Inc. raised its stake in shares of Bank of New York Mellon by 13.4% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 8,898 shares of the bank’s stock valued at $472,000 after buying an additional 1,051 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Bank of New York Mellon by 2.8% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 40,683 shares of the bank’s stock valued at $2,157,000 after buying an additional 1,100 shares during the last quarter. 83.75% of the stock is owned by institutional investors.

Bank of New York Mellon Corp (NYSE:BK) opened at $54.08 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. Bank of New York Mellon Corp has a 52 week low of $45.12 and a 52 week high of $58.99. The firm has a market capitalization of $56,200.00, a PE ratio of 14.54, a P/E/G ratio of 1.69 and a beta of 1.21.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.91. Bank of New York Mellon had a return on equity of 10.69% and a net margin of 24.72%. The firm had revenue of $3.73 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the business earned $0.77 EPS. Bank of New York Mellon’s revenue for the quarter was down 1.6% compared to the same quarter last year. research analysts forecast that Bank of New York Mellon Corp will post 4.06 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Tuesday, January 30th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, January 29th. This represents a $0.96 annualized dividend and a dividend yield of 1.78%. Bank of New York Mellon’s dividend payout ratio is presently 25.81%.

In related news, Director Edward P. Garden sold 143,792 shares of Bank of New York Mellon stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total value of $7,551,955.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Edward P. Garden sold 650,000 shares of Bank of New York Mellon stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $52.60, for a total value of $34,190,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 831,944 shares of company stock worth $43,807,887. 3.60% of the stock is currently owned by insiders.

A number of equities analysts have weighed in on the company. Vining Sparks reiterated a “hold” rating and set a $60.00 price objective on shares of Bank of New York Mellon in a research note on Wednesday, January 24th. Morgan Stanley lifted their price objective on 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. Barclays reiterated a “buy” rating on shares of Bank of New York Mellon in a research note on Sunday, January 21st. Citigroup upgraded Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 price objective for the company in a research note on Wednesday, January 10th. Finally, JPMorgan Chase & Co. lowered Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 price objective for the company. in a research note on Friday, January 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $56.76.

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Bank of New York Mellon Profile

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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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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