Capital Bank & Trust Co Increases Stock Holdings in Bank of New York Mellon Corp (NYSE:BK)

Capital Bank & Trust Co lifted its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 6.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,444,712 shares of the bank’s stock after acquiring an additional 88,269 shares during the period. Capital Bank & Trust Co’s holdings in Bank of New York Mellon were worth $63,702,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Victory Capital Management Inc. increased its holdings in shares of Bank of New York Mellon by 10.1% during the 1st quarter. Victory Capital Management Inc. now owns 96,820 shares of the bank’s stock valued at $4,883,000 after purchasing an additional 8,920 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 11.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 150,564 shares of the bank’s stock valued at $7,593,000 after purchasing an additional 15,138 shares in the last quarter. Elgethun Capital Management increased its holdings in shares of Bank of New York Mellon by 10.1% during the 1st quarter. Elgethun Capital Management now owns 79,508 shares of the bank’s stock valued at $4,010,000 after purchasing an additional 7,272 shares in the last quarter. Strategy Asset Managers LLC purchased a new position in shares of Bank of New York Mellon during the 1st quarter valued at approximately $65,000. Finally, Boyer & Corporon Wealth Management LLC increased its holdings in shares of Bank of New York Mellon by 1.4% during the 1st quarter. Boyer & Corporon Wealth Management LLC now owns 75,076 shares of the bank’s stock valued at $3,786,000 after purchasing an additional 1,056 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

In other Bank of New York Mellon news, Vice Chairman William M. Daley bought 11,350 shares of the stock in a transaction on Thursday, July 18th. The shares were bought at an average price of $44.93 per share, with a total value of $509,955.50. Following the purchase, the insider now directly owns 5,700 shares in the company, valued at approximately $256,101. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now directly owns 539,052 shares in the company, valued at approximately $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by company insiders.

Bank of New York Mellon stock traded up $0.02 during trading on Wednesday, reaching $46.37. The company had a trading volume of 1,425,517 shares, compared to its average volume of 3,639,093. The firm’s 50-day simple moving average is $43.91 and its 200 day simple moving average is $46.66. Bank of New York Mellon Corp has a 1-year low of $40.52 and a 1-year high of $54.27. The firm has a market capitalization of $43.61 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.71 and a current ratio of 0.71.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter last year, the company earned $1.03 EPS. The firm’s revenue for the quarter was down 5.2% compared to the same quarter last year. Analysts anticipate that Bank of New York Mellon Corp will post 3.93 EPS for the current year.

Bank of New York Mellon announced that its Board of Directors has initiated a stock repurchase program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 9.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

BK has been the topic of a number of research analyst reports. Deutsche Bank dropped their price target on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday, August 21st. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and lifted their price target for the company from $46.00 to $47.00 in a research note on Thursday, July 18th. UBS Group dropped their price target on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research note on Wednesday, June 26th. JPMorgan Chase & Co. dropped their price target on shares of Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating on the stock in a research note on Tuesday, July 9th. Finally, Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $41.00 to $42.00 and gave the company an “underweight” rating in a research note on Tuesday. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. Bank of New York Mellon currently has a consensus rating of “Hold” and an average target price of $49.10.

Bank of New York Mellon 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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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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