Piedmont Investment Advisors LLC trimmed its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 58.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 263,800 shares of the bank’s stock after selling 372,101 shares during the period. Piedmont Investment Advisors LLC’s holdings in Bank Of New York Mellon Corporation (The) were worth $13,459,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Northstar Wealth Partners LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the 1st quarter valued at approximately $546,000. MUFG Americas Holdings Corp lifted its position in shares of Bank Of New York Mellon Corporation (The) by 5.3% during the 2nd quarter. MUFG Americas Holdings Corp now owns 263,993 shares of the bank’s stock valued at $13,469,000 after acquiring an additional 13,228 shares during the period. Dupont Capital Management Corp acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the 2nd quarter valued at approximately $304,000. Everence Capital Management Inc. lifted its position in shares of Bank Of New York Mellon Corporation (The) by 35.1% during the 2nd quarter. Everence Capital Management Inc. now owns 29,004 shares of the bank’s stock valued at $1,480,000 after acquiring an additional 7,530 shares during the period. Finally, Vanguard Group Inc. lifted its position in shares of Bank Of New York Mellon Corporation (The) by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock valued at $3,133,681,000 after acquiring an additional 1,905,810 shares during the period. Institutional investors own 81.78% of the company’s stock.

A number of equities research analysts have recently issued reports on BK shares. Credit Suisse Group reiterated a “hold” rating and set a $55.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday. Deutsche Bank AG lifted their price target on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Jefferies Group LLC reiterated a “hold” rating and set a $56.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, September 15th. Zacks Investment Research upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research report on Monday, July 24th. Finally, Citigroup Inc. reiterated a “neutral” rating and set a $56.00 price target (up from $53.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.81.

In other Bank Of New York Mellon Corporation (The) news, Vice Chairman Brian T. Shea sold 44,250 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total value of $2,340,825.00. Following the completion of the sale, the insider now owns 204,043 shares in the company, valued at approximately $10,793,874.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman Gerald L. Hassell sold 1,788 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $94,835.52. Following the completion of the sale, the chairman now owns 872,606 shares of the company’s stock, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,931,137 shares of company stock valued at $581,058,723. Insiders own 3.60% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This piece of content was published by Watch List News and is the sole property of of Watch List News. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The legal version of this piece of content can be viewed at https://www.watchlistnews.com/piedmont-investment-advisors-llc-trims-stake-in-bank-of-new-york-mellon-corporation-the-bk/1626207.html.

Bank Of New York Mellon Corporation (BK) traded up 0.027% during mid-day trading on Thursday, reaching $54.895. 1,256,329 shares of the company’s stock traded hands. The company has a market capitalization of $56.72 billion, a price-to-earnings ratio of 16.280 and a beta of 1.15. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $55.29. The company has a 50-day moving average of $52.53 and a 200-day moving average of $50.27.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 EPS. Equities research analysts expect that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) announced that its board has initiated a share repurchase program on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in shares. This repurchase authorization authorizes the bank to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

About Bank Of New York Mellon Corporation (The)

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.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank Of New York Mellon Corporation (The) (NYSE:BK).

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

Receive News & Ratings for Bank Of New York Mellon Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank Of New York Mellon Corporation (The) and related companies with Analyst Ratings Network's FREE daily email newsletter.