Metropolitan Life Insurance Co. NY cut its holdings in shares of The Bank of New York Mellon (NYSE:BK) by 67.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 157,750 shares of the bank’s stock after selling 332,112 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in The Bank of New York Mellon were worth $8,496,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Invictus RG purchased a new position in shares of The Bank of New York Mellon during the third quarter worth approximately $102,000. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in shares of The Bank of New York Mellon during the fourth quarter worth approximately $120,000. Rowland & Co. Investment Counsel ADV purchased a new position in shares of The Bank of New York Mellon in the fourth quarter worth $124,000. Horan Capital Advisors LLC. purchased a new position in shares of The Bank of New York Mellon in the third quarter worth $139,000. Finally, Taylor Hoffman Wealth Management purchased a new position in shares of The Bank of New York Mellon in the fourth quarter worth $144,000. 84.13% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Bridget E. Engle sold 38,928 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $56.62, for a total transaction of $2,204,103.36. Following the sale, the insider now owns 68,046 shares in the company, valued at approximately $3,852,764.52. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Trian Fund Management, L.P. bought 360,000 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were acquired at an average price of $56.67 per share, for a total transaction of $20,401,200.00. The disclosure for this purchase can be found here. Insiders own 1.76% of the company’s stock.
Several brokerages recently commented on BK. Vining Sparks reaffirmed a “hold” rating and issued a $60.00 target price on shares of The Bank of New York Mellon in a research note on Wednesday, January 24th. Morgan Stanley lifted their target price on shares of The Bank of New York Mellon from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Goldman Sachs downgraded shares of The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. They noted that the move was a valuation call. Bank of America raised shares of The Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 target price on the stock in a research note on Wednesday, March 7th. Finally, Barclays reaffirmed a “buy” rating on shares of The Bank of New York Mellon in a research note on Sunday, January 21st. One analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The Bank of New York Mellon currently has an average rating of “Hold” and a consensus target price of $57.75.
NYSE:BK traded down $1.38 during trading hours on Friday, hitting $50.35. The company had a trading volume of 5,118,133 shares, compared to its average volume of 5,223,452. The stock has a market cap of $50,840.86, a P/E ratio of 13.99, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. The Bank of New York Mellon has a 52 week low of $45.88 and a 52 week high of $58.99. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.82.
The Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share for the quarter, meeting the consensus estimate of $0.91. The business had revenue of $3.73 billion for the quarter, compared to analysts’ expectations of $4.01 billion. The Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.77 earnings per share. analysts expect that The Bank of New York Mellon will post 4.03 EPS for the current fiscal year.
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About The 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.
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