Beacon Financial Group Sells 4,874 Shares of Bank Of New York Mellon Corporation (The) (NYSE:BK)

Beacon Financial Group cut its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 5.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 90,158 shares of the bank’s stock after selling 4,874 shares during the quarter. Beacon Financial Group’s holdings in Bank Of New York Mellon Corporation (The) were worth $4,780,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of BK. Northstar Wealth Partners LLC acquired a new stake in Bank Of New York Mellon Corporation (The) in the 1st quarter valued at about $546,000. Toronto Dominion Bank lifted its holdings in Bank Of New York Mellon Corporation (The) by 24.7% in the 2nd quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock valued at $18,577,000 after purchasing an additional 72,058 shares in the last quarter. MUFG Americas Holdings Corp lifted its holdings in Bank Of New York Mellon Corporation (The) by 5.3% in the 2nd quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock valued at $13,469,000 after purchasing an additional 13,228 shares in the last quarter. Dupont Capital Management Corp purchased a new position in Bank Of New York Mellon Corporation (The) in the 2nd quarter valued at about $304,000. Finally, Everence Capital Management Inc. lifted its holdings in Bank Of New York Mellon Corporation (The) by 35.1% in the 2nd quarter. Everence Capital Management Inc. now owns 29,004 shares of the bank’s stock valued at $1,480,000 after purchasing an additional 7,530 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors and hedge funds.

Bank Of New York Mellon Corporation (NYSE BK) traded down 0.04% during mid-day trading on Friday, hitting $52.20. 2,175,304 shares of the stock were exchanged. Bank Of New York Mellon Corporation has a one year low of $42.73 and a one year high of $55.29. The company has a market cap of $53.93 billion, a P/E ratio of 15.48 and a beta of 1.15. The company has a 50-day moving average price of $52.87 and a 200-day moving average price of $50.74.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.99 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.51% and a net margin of 23.14%. The business’s revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm posted $0.90 earnings per share. On average, analysts predict that Bank Of New York Mellon Corporation will post $3.54 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 9th. Investors of record on Tuesday, October 31st will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $0.96 annualized dividend and a yield of 1.84%. Bank Of New York Mellon Corporation (The)’s payout ratio is currently 28.07%.

BK has been the topic of a number of recent research reports. Royal Bank Of Canada restated a “hold” rating and issued a $58.00 target price on shares of Bank Of New York Mellon Corporation (The) in a report on Thursday, August 31st. Zacks Investment Research lowered shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a report on Wednesday, October 11th. UBS AG lowered shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a report on Friday, September 8th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and set a $58.00 price objective (up from $52.85) on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, October 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $56.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, September 15th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $55.28.

In related news, CEO Charles W. Scharf acquired 186,900 shares of the stock in a transaction on Tuesday, August 8th. The shares were purchased at an average price of $53.82 per share, for a total transaction of $10,058,958.00. Following the purchase, the chief executive officer now directly owns 73,640 shares in the company, valued at $3,963,304.80. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,761,019 shares of company stock valued at $939,813,259. 3.60% of the stock is currently owned by insiders.

TRADEMARK VIOLATION NOTICE: “Beacon Financial Group Sells 4,874 Shares of Bank Of New York Mellon Corporation (The) (NYSE:BK)” was published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are reading this piece on another domain, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The legal version of this piece can be read at https://www.dispatchtribunal.com/2017/10/27/beacon-financial-group-sells-4874-shares-of-bank-of-new-york-mellon-corporation-the-bk.html.

Bank Of New York Mellon Corporation (The) Company 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.

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

Receive News & Ratings for Bank Of New York Mellon Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank Of New York Mellon Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply