Traders Buy Bank of New York Mellon Corp (BK) on Weakness on Insider Selling

Traders purchased shares of Bank of New York Mellon Corp (NYSE:BK) on weakness during trading hours on Wednesday after an insider sold shares in the company. $90.43 million flowed into the stock on the tick-up and $51.21 million flowed out of the stock on the tick-down, for a money net flow of $39.22 million into the stock. Of all companies tracked, Bank of New York Mellon Corp had the 24th highest net in-flow for the day. Bank of New York Mellon Corp traded down ($1.13) for the day and closed at $51.75Specifically, CEO Charles W. Scharf purchased 186,900 shares of the stock in a transaction dated Tuesday, August 8th. The shares were acquired at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the completion of the transaction, the chief executive officer now directly owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Trian Fund Management, L.P. sold 5,798,725 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total transaction of $303,969,164.50. The disclosure for this sale can be found here. Insiders have sold 17,761,019 shares of company stock worth $939,813,259 over the last 90 days. 3.60% of the stock is currently owned by company insiders.

Several research firms have recently commented on BK. Jefferies Group LLC reiterated a “hold” rating on shares of Bank of New York Mellon Corp in a research report on Friday, October 20th. Morgan Stanley increased their price target on shares of Bank of New York Mellon Corp from $55.00 to $60.00 and gave the company an “equal weight” rating in a research report on Friday, October 20th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $58.00 price target (up from $52.85) on shares of Bank of New York Mellon Corp in a research report on Friday, October 20th. Zacks Investment Research lowered shares of Bank of New York Mellon Corp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 11th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $55.00 price target on shares of Bank of New York Mellon Corp in a research report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Bank of New York Mellon Corp currently has a consensus rating of “Hold” and a consensus target price of $55.28.

The stock has a 50 day moving average price of $52.87 and a 200 day moving average price of $50.74. The stock has a market cap of $53.95 billion, a PE ratio of 15.49 and a beta of 1.15.

Bank of New York Mellon Corp (NYSE:BK) last released its earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.99 billion. Bank of New York Mellon Corp had a net margin of 25.40% and a return on equity of 10.65%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. Equities research analysts forecast that Bank of New York Mellon Corp will post $3.54 EPS for the current year.

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

Institutional investors have recently added to or reduced their stakes in the company. First Interstate Bank grew its position in Bank of New York Mellon Corp by 56.2% during the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock valued at $119,000 after purchasing an additional 842 shares in the last quarter. Exane Derivatives purchased a new position in Bank of New York Mellon Corp during the second quarter valued at approximately $130,000. Hudock Capital Group LLC grew its position in Bank of New York Mellon Corp by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock valued at $130,000 after purchasing an additional 7 shares in the last quarter. Advisory Services Network LLC grew its position in Bank of New York Mellon Corp by 15.5% during the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after purchasing an additional 363 shares in the last quarter. Finally, Burt Wealth Advisors grew its position in Bank of New York Mellon Corp by 2,186.7% during the second quarter. Burt Wealth Advisors now owns 2,744 shares of the bank’s stock valued at $139,000 after purchasing an additional 2,624 shares in the last quarter. 81.82% of the stock is currently owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: “Traders Buy Bank of New York Mellon Corp (BK) on Weakness on Insider Selling” was first published by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US & international trademark and copyright laws. The legal version of this piece of content can be viewed at https://www.dispatchtribunal.com/2017/10/27/traders-buy-bank-of-new-york-mellon-corp-bk-on-weakness-on-insider-selling.html.

Bank of New York Mellon Corp 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.

Receive News & Ratings for Bank of New York Mellon Corp 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 Corp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply