Delta Capital Management LLC Has $2.33 Million Stock Position in Bank of New York Mellon Corp (NYSE:BK)

Delta Capital Management LLC lowered its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 7.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,479 shares of the bank’s stock after selling 4,110 shares during the period. Delta Capital Management LLC’s holdings in Bank of New York Mellon were worth $2,327,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Townsend & Associates Inc grew its stake in Bank of New York Mellon by 33.2% in the third quarter. Townsend & Associates Inc now owns 29,545 shares of the bank’s stock valued at $1,251,000 after acquiring an additional 7,357 shares during the period. Pacer Advisors Inc. grew its stake in Bank of New York Mellon by 10.8% in the third quarter. Pacer Advisors Inc. now owns 92,589 shares of the bank’s stock valued at $4,186,000 after acquiring an additional 9,018 shares during the period. CX Institutional grew its stake in Bank of New York Mellon by 1,830.6% in the third quarter. CX Institutional now owns 45,678 shares of the bank’s stock valued at $2,065,000 after acquiring an additional 43,312 shares during the period. Butensky & Cohen Financial Security Inc. grew its stake in Bank of New York Mellon by 16.2% in the third quarter. Butensky & Cohen Financial Security Inc. now owns 48,618 shares of the bank’s stock valued at $2,198,000 after acquiring an additional 6,788 shares during the period. Finally, Cerebellum GP LLC grew its stake in Bank of New York Mellon by 26.2% in the third quarter. Cerebellum GP LLC now owns 9,807 shares of the bank’s stock valued at $443,000 after acquiring an additional 2,037 shares during the period. 82.39% of the stock is owned by institutional investors and hedge funds.

A number of equities research analysts have commented on the company. Deutsche Bank reduced their price objective on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 21st. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and lifted their target price for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley cut their target price on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a research report on Friday, October 4th. Finally, UBS Group cut their target price on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $48.50.

In related news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now directly owns 539,052 shares in the company, valued at $25,184,509.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman William M. Daley purchased 11,350 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the acquisition, the insider now directly owns 5,700 shares of the company’s stock, valued at approximately $256,101. The disclosure for this purchase can be found here. Company insiders own 1.71% of the company’s stock.

Shares of NYSE:BK traded up $0.97 during mid-day trading on Friday, hitting $44.47. 175,908 shares of the company traded hands, compared to its average volume of 5,837,479. The stock has a market cap of $39.90 billion, a P/E ratio of 10.56, a P/E/G ratio of 1.30 and a beta of 1.12. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.79. Bank of New York Mellon Corp has a 12-month low of $40.52 and a 12-month high of $54.27. The stock has a 50-day moving average price of $43.84 and a two-hundred day moving average price of $45.78.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.07. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. Bank of New York Mellon’s quarterly revenue was down 5.2% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. As a group, analysts expect that Bank of New York Mellon Corp will post 3.94 earnings per share for the current year.

Bank of New York Mellon announced that its Board of Directors has approved a share buyback program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 9.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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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