Canada Pension Plan Investment Board Sells 476,597 Shares of Bank of New York Mellon Corp (BK)

Canada Pension Plan Investment Board cut its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 61.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 301,410 shares of the bank’s stock after selling 476,597 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Bank of New York Mellon were worth $15,369,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Country Trust Bank raised its position in shares of Bank of New York Mellon by 10.9% in the 2nd quarter. Country Trust Bank now owns 582,489 shares of the bank’s stock worth $31,414,000 after acquiring an additional 57,346 shares in the last quarter. Natixis raised its position in shares of Bank of New York Mellon by 32.0% in the 2nd quarter. Natixis now owns 896,438 shares of the bank’s stock worth $48,345,000 after acquiring an additional 217,260 shares in the last quarter. Ronna Sue Cohen raised its position in shares of Bank of New York Mellon by 924.7% in the 3rd quarter. Ronna Sue Cohen now owns 41,398 shares of the bank’s stock worth $2,111,000 after acquiring an additional 37,358 shares in the last quarter. Spinnaker Trust bought a new position in shares of Bank of New York Mellon in the 3rd quarter worth about $262,000. Finally, Elgethun Capital Management raised its position in shares of Bank of New York Mellon by 5.2% in the 2nd quarter. Elgethun Capital Management now owns 57,349 shares of the bank’s stock worth $3,080,000 after acquiring an additional 2,836 shares in the last quarter. 84.06% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms have recently weighed in on BK. Zacks Investment Research lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Wolfe Research began coverage on Bank of New York Mellon in a research report on Tuesday, September 25th. They issued an “underperform” rating for the company. Vining Sparks reissued a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research report on Tuesday, October 9th. Finally, Deutsche Bank lifted their price objective on Bank of New York Mellon from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, September 27th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $57.77.

Shares of Bank of New York Mellon stock opened at $51.31 on Monday. Bank of New York Mellon Corp has a one year low of $45.16 and a one year high of $58.99. The stock has a market capitalization of $50.73 billion, a P/E ratio of 12.52, a PEG ratio of 1.59 and a beta of 1.04. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.02. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. The business had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.15 billion. During the same period in the previous year, the company posted $0.94 EPS. The firm’s revenue was up 1.3% compared to the same quarter last year. Analysts expect that Bank of New York Mellon Corp will post 4.17 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, November 9th. Investors of record on Tuesday, October 30th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date was Monday, October 29th. Bank of New York Mellon’s payout ratio is 31.11%.

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

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