Montag A & Associates Inc. Cuts Stock Holdings in Bank of New York Mellon Corp (NYSE:BK)

Montag A & Associates Inc. decreased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 5,647 shares of the bank’s stock after selling 332 shares during the period. Montag A & Associates Inc.’s holdings in Bank of New York Mellon were worth $255,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Trustcore Financial Services LLC grew its position in shares of Bank of New York Mellon by 204.6% in the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after buying an additional 442 shares during the last quarter. Atwater Malick LLC purchased a new position in shares of Bank of New York Mellon in the 3rd quarter worth approximately $31,000. Mirova purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $41,000. Stonebridge Capital Advisors LLC purchased a new position in shares of Bank of New York Mellon in the 2nd quarter worth approximately $43,000. Finally, Baystate Wealth Management LLC grew its position in shares of Bank of New York Mellon by 386.0% in the 3rd quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock worth $45,000 after buying an additional 799 shares during the last quarter. 82.34% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently issued reports on BK. JPMorgan Chase & Co. cut their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating on the stock in a research report on Thursday, October 10th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Credit Suisse Group lifted their price objective on shares of Bank of New York Mellon from $46.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Buckingham Research cut their price objective on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Finally, Wolfe Research raised shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 2nd. Three 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’s stock. The stock has an average rating of “Hold” and an average price target of $47.90.

In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 50,000 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total transaction of $2,230,000.00. Following the completion of the sale, the executive vice president now directly owns 142,266 shares in the company, valued at approximately $6,345,063.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.71% of the stock is owned by company insiders.

BK stock traded down $0.20 during trading on Friday, reaching $49.20. The company had a trading volume of 3,381,908 shares, compared to its average volume of 5,128,121. The firm has a 50-day simple moving average of $45.56 and a 200-day simple moving average of $45.13. The company has a market cap of $46.35 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 1.50 and a beta of 1.13. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 0.70. Bank of New York Mellon Corp has a twelve month low of $40.52 and a twelve month high of $54.27.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, October 16th. The bank reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.99 by $0.08. The company had revenue of $3.86 billion during the quarter, compared to analysts’ expectations of $3.92 billion. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. Bank of New York Mellon’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the business earned $1.06 EPS. Sell-side analysts expect that Bank of New York Mellon Corp will post 3.98 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Monday, October 28th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.52%. The ex-dividend date was Friday, October 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 29.45%.

About Bank of New York Mellon

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.

Further Reading: What is a Leveraged Buyout (LBO)?

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

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