Morningstar Investment Services LLC Increases Holdings in The Bank of New York Mellon Co. (BK)
Morningstar Investment Services LLC raised its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 8.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 712,299 shares of the bank’s stock after buying an additional 57,246 shares during the period. Morningstar Investment Services LLC owned about 0.07% of The Bank of New York Mellon worth $37,766,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Country Trust Bank increased its stake in shares of The Bank of New York Mellon by 4.1% in the 3rd quarter. Country Trust Bank now owns 606,030 shares of the bank’s stock worth $32,132,000 after purchasing an additional 23,683 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of The Bank of New York Mellon by 24.7% in the 2nd quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock worth $18,577,000 after purchasing an additional 72,058 shares in the last quarter. MUFG Americas Holdings Corp increased its stake in shares of The Bank of New York Mellon by 5.3% in the 2nd quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock worth $13,469,000 after purchasing an additional 13,228 shares in the last quarter. Sei Investments Co. increased its stake in shares of The Bank of New York Mellon by 7.4% in the 3rd quarter. Sei Investments Co. now owns 1,020,622 shares of the bank’s stock worth $54,102,000 after purchasing an additional 70,619 shares in the last quarter. Finally, Dupont Capital Management Corp purchased a new stake in shares of The Bank of New York Mellon in the 2nd quarter worth $304,000. Institutional investors and hedge funds own 82.44% of the company’s stock.
In related news, Director Trian Fund Management, L.P. sold 5,798,725 shares of the stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $52.42, for a total value of $303,969,164.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Brian T. Shea sold 22,228 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $51.26, for a total transaction of $1,139,407.28. Following the completion of the transaction, the insider now directly owns 181,815 shares of the company’s stock, valued at approximately $9,319,836.90. The disclosure for this sale can be found here. Insiders have sold a total of 7,670,182 shares of company stock valued at $402,890,932 in the last three months. Insiders own 3.60% of the company’s stock.
Several equities research analysts have recently commented on BK shares. UBS Group AG lowered The Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $56.00 price objective for the company. in a research note on Friday, September 8th. Morgan Stanley upped their price objective on The Bank of New York Mellon from $55.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Friday, October 20th. Goldman Sachs Group, Inc. (The) reiterated a “buy” rating and issued a $58.00 price target (up previously from $52.85) on shares of The Bank of New York Mellon in a research note on Friday, October 20th. Royal Bank Of Canada reiterated a “hold” rating and issued a $58.00 price target on shares of The Bank of New York Mellon in a research note on Thursday, August 31st. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $56.00 price target on shares of The Bank of New York Mellon in a research note on Friday, September 15th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and an average target price of $55.28.
The Bank of New York Mellon Co. (NYSE BK) traded up $0.01 on Thursday, hitting $52.43. 4,545,500 shares of the company’s stock traded hands, compared to its average volume of 4,575,817. The Bank of New York Mellon Co. has a twelve month low of $43.85 and a twelve month high of $55.29. The company has a market cap of $53,679.23, a P/E ratio of 15.11, a PEG ratio of 1.91 and a beta of 1.22. 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 Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, beating the consensus estimate of $0.93 by $0.01. The Bank of New York Mellon had a net margin of 23.14% and a return on equity of 10.51%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.99 billion. During the same quarter in the prior year, the firm earned $0.90 EPS. The business’s revenue was up 1.9% on a year-over-year basis. analysts forecast that The Bank of New York Mellon Co. will post 3.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Shareholders of record on Tuesday, October 31st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.83%. The ex-dividend date of this dividend was Monday, October 30th. The Bank of New York Mellon’s dividend payout ratio (DPR) is presently 28.07%.
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About The Bank of New York Mellon
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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