Mcrae Capital Management Inc. decreased its stake in shares of The Bank of New York Mellon (NYSE:BK) by 6.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,435 shares of the bank’s stock after selling 1,000 shares during the quarter. Mcrae Capital Management Inc.’s holdings in The Bank of New York Mellon were worth $795,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Atria Investments LLC increased its stake in shares of The Bank of New York Mellon by 7.6% in the fourth quarter. Atria Investments LLC now owns 12,263 shares of the bank’s stock worth $660,000 after acquiring an additional 871 shares during the period. Creative Planning increased its stake in shares of The Bank of New York Mellon by 5.8% in the fourth quarter. Creative Planning now owns 70,940 shares of the bank’s stock worth $3,821,000 after acquiring an additional 3,871 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of The Bank of New York Mellon by 2.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 3,568,328 shares of the bank’s stock worth $192,191,000 after acquiring an additional 88,565 shares during the period. Ingalls & Snyder LLC acquired a new stake in shares of The Bank of New York Mellon in the fourth quarter worth $551,000. Finally, Duncker Streett & Co. Inc. increased its stake in shares of The Bank of New York Mellon by 6,018.5% in the fourth quarter. Duncker Streett & Co. Inc. now owns 4,956 shares of the bank’s stock worth $267,000 after acquiring an additional 4,875 shares during the period. Institutional investors and hedge funds own 82.22% of the company’s stock.
Get The Bank of New York Mellon alerts:Shares of The Bank of New York Mellon opened at $57.72 on Tuesday, according to MarketBeat Ratings. The Bank of New York Mellon has a 1 year low of $46.49 and a 1 year high of $58.99. The firm has a market cap of $57.57 billion, a P/E ratio of 16.03, a PEG ratio of 1.75 and a beta of 1.22. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.
The Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, April 19th. The bank reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.14. The business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.04 billion. The Bank of New York Mellon had a net margin of 25.20% and a return on equity of 11.27%. The company’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $0.83 earnings per share. research analysts anticipate that The Bank of New York Mellon will post 4.19 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 11th. Shareholders of record on Tuesday, May 1st were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Monday, April 30th. The Bank of New York Mellon’s payout ratio is 26.67%.
BK has been the topic of a number of research reports. Vining Sparks reiterated a “hold” rating and issued a $60.00 price objective on shares of The Bank of New York Mellon in a research note on Wednesday, January 24th. Zacks Investment Research lowered shares of The Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Monday. Morgan Stanley increased their price objective on shares of The Bank of New York Mellon from $66.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, April 20th. ValuEngine upgraded shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Thursday, April 19th. Finally, Goldman Sachs lowered shares of The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The Bank of New York Mellon presently has a consensus rating of “Hold” and an average price target of $58.26.
In related news, Director Trian Fund Management, L.P. acquired 360,000 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were acquired at an average cost of $56.67 per share, with a total value of $20,401,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bridget E. Engle sold 38,928 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $56.62, for a total transaction of $2,204,103.36. Following the transaction, the insider now directly owns 68,046 shares in the company, valued at $3,852,764.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 106,629 shares of company stock worth $6,000,479. Insiders own 1.76% of the company’s stock.
About The Bank of New York Mellon
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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