Short Interest in Bank of New York Mellon Corp (NYSE:BK) Drops By 15.8%

Bank of New York Mellon Corp (NYSE:BK) was the target of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 9,762,600 shares, a drop of 15.8% from the May 30th total of 11,599,100 shares. Approximately 1.0% of the shares of the company are sold short. Based on an average daily volume of 5,380,000 shares, the days-to-cover ratio is currently 1.8 days.

BK has been the subject of a number of research reports. Deutsche Bank reissued a “buy” rating and set a GBX 4,000 ($52.27) target price on shares of in a report on Tuesday, June 18th. Royal Bank of Canada reissued a “neutral” rating and set a $145.00 target price on shares of Travelers Companies in a report on Thursday, April 18th. Morgan Stanley set a $36.00 target price on ArcBest and gave the stock a “hold” rating in a report on Monday. ValuEngine raised Vermillion from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. initiated coverage on Pinduoduo in a report on Tuesday. They set an “underweight” rating and a $20.48 target price for the company. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $50.91.

Shares of NYSE BK traded down $0.09 during mid-day trading on Friday, reaching $43.56. The company had a trading volume of 3,215,652 shares, compared to its average volume of 4,976,133. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.68 and a current ratio of 0.68. Bank of New York Mellon has a one year low of $42.13 and a one year high of $55.69. The firm has a market cap of $41.21 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 1.32 and a beta of 1.04. The company has a 50-day moving average price of $43.95.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 EPS for the quarter, missing the Zacks’ consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the business posted $1.10 EPS. The firm’s revenue for the quarter was down 6.7% on a year-over-year basis. Equities research analysts predict that Bank of New York Mellon will post 3.96 EPS for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 9.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction on Tuesday, April 30th. The stock was 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of BK. FMR LLC grew its position in Bank of New York Mellon by 36.4% in the fourth quarter. FMR LLC now owns 32,610,453 shares of the bank’s stock valued at $1,534,974,000 after acquiring an additional 8,695,718 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC grew its position in Bank of New York Mellon by 2.0% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,843,432 shares of the bank’s stock valued at $698,679,000 after acquiring an additional 292,800 shares during the last quarter. Macquarie Group Ltd. grew its position in Bank of New York Mellon by 4.7% in the fourth quarter. Macquarie Group Ltd. now owns 14,529,096 shares of the bank’s stock valued at $683,885,000 after acquiring an additional 647,347 shares during the last quarter. Harris Associates L P grew its position in Bank of New York Mellon by 5.4% in the fourth quarter. Harris Associates L P now owns 10,826,019 shares of the bank’s stock valued at $509,581,000 after acquiring an additional 552,515 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Bank of New York Mellon by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 10,721,814 shares of the bank’s stock valued at $503,675,000 after acquiring an additional 655,356 shares during the last quarter. Institutional investors own 84.20% 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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