Davis Selected Advisers Sells 216,064 Shares of Bank Of New York Mellon Corporation (The) (BK)
Davis Selected Advisers decreased its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,718,607 shares of the bank’s stock after selling 216,064 shares during the quarter. Bank Of New York Mellon accounts for about 4.4% of Davis Selected Advisers’ portfolio, making the stock its 6th largest position. Davis Selected Advisers owned approximately 1.93% of Bank Of New York Mellon worth $1,045,469,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Bank Of New York Mellon by 1.6% during the second quarter. Vanguard Group Inc. now owns 67,420,467 shares of the bank’s stock worth $3,439,792,000 after purchasing an additional 1,071,088 shares during the period. Berkshire Hathaway Inc. raised its position in shares of Bank Of New York Mellon by 52.2% during the second quarter. Berkshire Hathaway Inc. now owns 50,229,588 shares of the bank’s stock worth $2,562,715,000 after purchasing an additional 17,217,529 shares during the period. Capital International Investors raised its position in shares of Bank Of New York Mellon by 120.8% during the third quarter. Capital International Investors now owns 23,045,005 shares of the bank’s stock worth $1,221,846,000 after purchasing an additional 12,607,183 shares during the period. First Eagle Investment Management LLC raised its position in shares of Bank Of New York Mellon by 1.4% during the third quarter. First Eagle Investment Management LLC now owns 19,753,288 shares of the bank’s stock worth $1,047,319,000 after purchasing an additional 271,858 shares during the period. Finally, Longview Partners Guernsey LTD raised its position in shares of Bank Of New York Mellon by 5.2% during the third quarter. Longview Partners Guernsey LTD now owns 17,381,984 shares of the bank’s stock worth $921,593,000 after purchasing an additional 862,800 shares during the period. 83.01% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently commented on the company. Zacks Investment Research lowered Bank Of New York Mellon from a “hold” rating to a “sell” rating in a research report on Thursday, September 21st. ValuEngine raised Bank Of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, December 5th. Jefferies Group reiterated a “hold” rating on shares of Bank Of New York Mellon in a report on Friday, October 20th. Credit Suisse Group reiterated a “hold” rating and set a $55.00 price objective on shares of Bank Of New York Mellon in a report on Tuesday, October 10th. Finally, Citigroup reiterated a “neutral” rating and set a $56.00 price objective (up from $53.00) on shares of Bank Of New York Mellon in a report on Monday, October 9th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $55.28.
Bank Of New York Mellon Corporation (BK) opened at $54.38 on Thursday. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a market capitalization of $56,290.49, a P/E ratio of 15.84, a price-to-earnings-growth ratio of 2.00 and a beta of 1.22. Bank Of New York Mellon Corporation has a one year low of $43.85 and a one year high of $55.40.
Bank Of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, October 19th. The bank reported $0.94 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.99 billion. Bank Of New York Mellon had a return on equity of 10.51% and a net margin of 23.14%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $0.90 earnings per share. equities research analysts predict that Bank Of New York Mellon Corporation will post 3.54 EPS for the current year.
In other news, Director Trian Fund Management, L.P. sold 5,798,725 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $52.42, for a total value of $303,969,164.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Thomas P. Gibbons sold 38,152 shares of the firm’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $54.15, for a total value of $2,065,930.80. Following the completion of the sale, the chief financial officer now directly owns 310,002 shares of the company’s stock, valued at $16,786,608.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,708,334 shares of company stock valued at $404,956,863. Insiders own 3.60% of the company’s stock.
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Bank Of New York Mellon Company Profile
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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