Bank of New York Mellon Corp (BK) Shares Sold by Berkshire Asset Management LLC PA

Berkshire Asset Management LLC PA lessened its position in Bank of New York Mellon Corp (NYSE:BK) by 31.1% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,797 shares of the bank’s stock after selling 2,615 shares during the quarter. Berkshire Asset Management LLC PA’s holdings in Bank of New York Mellon were worth $296,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Townsend & Associates Inc raised its stake in Bank of New York Mellon by 7.3% during the second quarter. Townsend & Associates Inc now owns 13,452 shares of the bank’s stock valued at $725,000 after buying an additional 916 shares during the last quarter. Segall Bryant & Hamill LLC raised its stake in Bank of New York Mellon by 0.8% during the second quarter. Segall Bryant & Hamill LLC now owns 114,420 shares of the bank’s stock valued at $6,171,000 after buying an additional 954 shares during the last quarter. Steward Partners Investment Advisory LLC raised its stake in Bank of New York Mellon by 6.9% during the second quarter. Steward Partners Investment Advisory LLC now owns 14,762 shares of the bank’s stock valued at $796,000 after buying an additional 959 shares during the last quarter. Country Club Trust Company n.a. raised its stake in Bank of New York Mellon by 1.0% during the second quarter. Country Club Trust Company n.a. now owns 100,827 shares of the bank’s stock valued at $5,437,000 after buying an additional 982 shares during the last quarter. Finally, James Investment Research Inc. raised its stake in Bank of New York Mellon by 2.9% during the second quarter. James Investment Research Inc. now owns 35,270 shares of the bank’s stock valued at $1,902,000 after buying an additional 990 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.

Bank of New York Mellon stock opened at $49.10 on Friday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.69 and a quick ratio of 0.69. Bank of New York Mellon Corp has a 12 month low of $48.25 and a 12 month high of $58.99. The firm has a market capitalization of $50.99 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Thursday, July 19th. The bank reported $1.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The company had revenue of $4.14 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the company posted $0.88 earnings per share. Bank of New York Mellon’s revenue was up 4.6% compared to the same quarter last year. Equities research analysts forecast that Bank of New York Mellon Corp will post 4.18 earnings per share for the current year.

Bank of New York Mellon announced that its Board of Directors has approved a stock buyback program on Thursday, June 28th that permits the company to repurchase $2.40 billion in shares. This repurchase authorization permits the bank to reacquire up to 4.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of analysts have commented on the company. Zacks Investment Research lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th. Raymond James lowered Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a report on Thursday, July 12th. Vining Sparks reissued a “buy” rating and issued a $62.00 target price on shares of Bank of New York Mellon in a report on Monday, July 23rd. ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Finally, Sandler O’Neill reissued a “hold” rating on shares of Bank of New York Mellon in a report on Friday, July 13th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.58.

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.

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

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