Cove Street Capital LLC decreased its holdings in Bank of New York Mellon Corp (NYSE:BK) by 18.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 119,715 shares of the bank’s stock after selling 27,600 shares during the quarter. Cove Street Capital LLC’s holdings in Bank of New York Mellon were worth $6,037,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in BK. C J Advisory Inc acquired a new stake in Bank of New York Mellon during the first quarter valued at approximately $28,000. Sontag Advisory LLC acquired a new stake in Bank of New York Mellon during the fourth quarter valued at approximately $33,000. Valley National Advisers Inc. raised its stake in Bank of New York Mellon by 76.5% during the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock valued at $34,000 after buying an additional 309 shares in the last quarter. Berman Capital Advisors LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $33,000. Finally, Bruderman Asset Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 84.26% of the company’s stock.
In related news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction that occurred on Tuesday, April 30th. The stock was sold at an average price of $49.43, for a total value of $1,235,750.00. Following the completion of the transaction, the executive vice president now directly owns 93,418 shares of the company’s stock, valued at approximately $4,617,651.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
A number of brokerages have recently weighed in on BK. Deutsche Bank increased their price target on Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. ValuEngine upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Friday, May 3rd. Zacks Investment Research cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Monday, April 29th. Royal Bank of Canada dropped their price target on Bank of New York Mellon to $52.00 and set a “positive” rating on the stock in a research report on Thursday, April 18th. Finally, Buckingham Research dropped their price target on Bank of New York Mellon from $56.00 to $53.00 and set a “neutral” rating on the stock in a research report on Thursday, April 18th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $53.33.
Shares of Bank of New York Mellon stock opened at $44.50 on Wednesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $42.51 billion, a PE ratio of 10.57, a P/E/G ratio of 1.33 and a beta of 1.09. Bank of New York Mellon Corp has a twelve month low of $42.43 and a twelve month high of $57.94.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Wednesday, April 17th. The bank reported $0.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.96 by ($0.02). Bank of New York Mellon had a return on equity of 10.98% and a net margin of 20.69%. The business had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period last year, the company earned $1.10 earnings per share. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. As a group, research analysts expect that Bank of New York Mellon Corp will post 4.04 EPS for the current year.
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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.
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