Bank of New York Mellon Corp (BK) Position Cut by Raymond James Trust N.A.
Raymond James Trust N.A. cut its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 5.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 151,423 shares of the bank’s stock after selling 8,490 shares during the period. Raymond James Trust N.A.’s holdings in Bank of New York Mellon were worth $7,636,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in Bank of New York Mellon by 53.5% during the third quarter. Renaissance Technologies LLC now owns 168,077 shares of the bank’s stock worth $8,570,000 after acquiring an additional 58,600 shares during the period. Capital World Investors acquired a new position in Bank of New York Mellon during the third quarter worth $26,404,000. Pacer Advisors Inc. raised its position in Bank of New York Mellon by 5.1% during the third quarter. Pacer Advisors Inc. now owns 49,316 shares of the bank’s stock worth $2,515,000 after acquiring an additional 2,410 shares during the period. Rampart Investment Management Company LLC raised its position in Bank of New York Mellon by 3.2% during the third quarter. Rampart Investment Management Company LLC now owns 42,845 shares of the bank’s stock worth $2,185,000 after acquiring an additional 1,348 shares during the period. Finally, Vident Investment Advisory LLC acquired a new position in Bank of New York Mellon during the third quarter worth $3,125,000. 87.60% of the stock is currently owned by hedge funds and other institutional investors.
BK stock traded down $0.21 during mid-day trading on Monday, hitting $52.60. 4,596,196 shares of the company were exchanged, compared to its average volume of 4,615,915. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market cap of $50.26 billion, a PE ratio of 12.49, a price-to-earnings-growth ratio of 1.48 and a beta of 1.03. Bank of New York Mellon Corp has a 12-month low of $43.67 and a 12-month high of $58.22.
In related news, Director Trian Fund Management, L.P. sold 2,107,000 shares of the firm’s stock in a transaction that occurred on Monday, January 28th. The shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Bridget E. Engle sold 22,670 shares of the firm’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $52.99, for a total transaction of $1,201,283.30. Following the completion of the sale, the vice president now directly owns 92,150 shares in the company, valued at approximately $4,883,028.50. The disclosure for this sale can be found here. In the last three months, insiders sold 3,713,437 shares of company stock valued at $198,594,100. Insiders own 1.71% of the company’s stock.
A number of equities analysts have weighed in on BK shares. Zacks Investment Research restated a “hold” rating on shares of Bank of New York Mellon in a research report on Monday, December 31st. Citigroup cut shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their target price for the company from $55.00 to $52.00 in a research report on Wednesday, January 9th. Deutsche Bank increased their target price on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Vining Sparks reiterated a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $56.14.
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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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