Vivaldi Capital Management LLC Sells 848 Shares of Bank of New York Mellon Corp (NYSE:BK)

Vivaldi Capital Management LLC cut its holdings in Bank of New York Mellon Corp (NYSE:BK) by 10.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,584 shares of the bank’s stock after selling 848 shares during the period. Vivaldi Capital Management LLC’s holdings in Bank of New York Mellon were worth $335,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Archford Capital Strategies LLC grew its position in shares of Bank of New York Mellon by 4.1% during the 1st quarter. Archford Capital Strategies LLC now owns 5,654 shares of the bank’s stock valued at $285,000 after acquiring an additional 221 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in Bank of New York Mellon by 1.3% during the second quarter. Steward Partners Investment Advisory LLC now owns 17,821 shares of the bank’s stock valued at $786,000 after purchasing an additional 221 shares during the period. St. Johns Investment Management Company LLC grew its holdings in Bank of New York Mellon by 1.7% during the second quarter. St. Johns Investment Management Company LLC now owns 13,564 shares of the bank’s stock valued at $599,000 after purchasing an additional 227 shares during the period. Arjuna Capital grew its holdings in Bank of New York Mellon by 0.9% during the first quarter. Arjuna Capital now owns 28,799 shares of the bank’s stock valued at $1,452,000 after purchasing an additional 244 shares during the period. Finally, GYL Financial Synergies LLC grew its stake in shares of Bank of New York Mellon by 2.1% during the 2nd quarter. GYL Financial Synergies LLC now owns 12,884 shares of the bank’s stock worth $569,000 after acquiring an additional 261 shares during the period. 82.39% of the stock is owned by institutional investors.

BK has been the subject of several research reports. Deutsche Bank cut their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 21st. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. JPMorgan Chase & Co. cut their target price on shares of Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. UBS Group cut their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Finally, Buckingham Research cut their target price on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $49.10.

In other news, Vice Chairman William M. Daley purchased 11,350 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was purchased at an average cost of $44.93 per share, with a total value of $509,955.50. Following the acquisition, the insider now directly owns 5,700 shares in the company, valued at $256,101. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the completion of the transaction, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.

Shares of Bank of New York Mellon stock traded down $0.60 during trading hours on Friday, reaching $46.38. The company had a trading volume of 8,323,557 shares, compared to its average volume of 3,831,913. Bank of New York Mellon Corp has a one year low of $40.52 and a one year high of $54.27. The business has a fifty day simple moving average of $43.90 and a 200 day simple moving average of $46.58. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $44.31 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter last year, the company earned $1.03 EPS. The firm’s revenue was down 5.2% compared to the same quarter last year. On average, research analysts forecast that Bank of New York Mellon Corp will post 3.94 EPS for the current year.

Bank of New York Mellon declared that its Board of Directors has approved a stock buyback plan on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Bank of New York Mellon 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.

Read More: What is a Derivative?

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

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