Bank of New York Mellon Corp (BK) Shares Sold by Chicago Capital LLC
Chicago Capital LLC trimmed its stake in Bank of New York Mellon Corp (NYSE:BK) by 12.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 289,902 shares of the bank’s stock after selling 40,353 shares during the quarter. Chicago Capital LLC’s holdings in Bank of New York Mellon were worth $14,620,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Lavaca Capital LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $27,000. Berman Capital Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $33,000. Sontag Advisory LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $33,000. Valley National Advisers Inc. lifted its position in Bank of New York Mellon by 76.5% during the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock valued at $34,000 after acquiring an additional 309 shares during the period. Finally, Essex Savings Bank purchased a new position in Bank of New York Mellon during the 4th quarter valued at about $35,000. 87.61% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Edward P. Garden sold 1,400,000 shares of the business’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $53.64, for a total value of $75,096,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Trian Fund Management, L.P. sold 2,107,000 shares of the business’s stock in a transaction on Monday, January 28th. The stock was sold at an average price of $53.48, for a total transaction of $112,682,360.00. The disclosure for this sale can be found here. Insiders sold 3,713,437 shares of company stock worth $198,594,100 in the last three months. Insiders own 1.71% of the company’s stock.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.02). Bank of New York Mellon had a net margin of 20.69% and a return on equity of 10.98%. The firm had revenue of $3.90 billion for the quarter, compared to analysts’ expectations of $4.01 billion. During the same period in the prior year, the firm earned $1.10 EPS. Bank of New York Mellon’s revenue for the quarter was down 6.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Bank of New York Mellon Corp will post 4.14 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, May 10th. Stockholders of record on Monday, April 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, April 26th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 26.60%.
BK has been the subject of several recent analyst reports. Royal Bank of Canada decreased their target price on shares of Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a report on Thursday, April 18th. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Thursday, April 18th. Zacks Investment Research reiterated a “hold” rating on shares of Bank of New York Mellon in a research note on Monday, December 31st. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $55.00 to $52.00 in a research note on Wednesday, January 9th. Finally, Deutsche Bank lifted their price target on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Friday, March 15th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $53.75.
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Bank of New York Mellon Company 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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