Voleon Capital Management LP Invests $9.98 Million in Bank of New York Mellon Corp (NYSE:BK)

Voleon Capital Management LP acquired a new position in Bank of New York Mellon Corp (NYSE:BK) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 226,000 shares of the bank’s stock, valued at approximately $9,978,000.

Several other institutional investors also recently modified their holdings of BK. Trustcore Financial Services LLC increased its position in shares of Bank of New York Mellon by 204.6% during the second quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock valued at $29,000 after acquiring an additional 442 shares during the last quarter. Mirova purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC purchased a new stake in shares of Bank of New York Mellon during the second quarter valued at approximately $43,000. Pflug Koory LLC increased its position in shares of Bank of New York Mellon by 69.3% during the second quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock valued at $52,000 after acquiring an additional 485 shares during the last quarter. Finally, Oakworth Capital Inc. increased its position in shares of Bank of New York Mellon by 116.4% during the second quarter. Oakworth Capital Inc. now owns 1,320 shares of the bank’s stock valued at $59,000 after acquiring an additional 710 shares during the last quarter. 82.39% of the stock is owned by hedge funds and other institutional investors.

In related news, Vice Chairman William M. Daley purchased 11,350 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was purchased at an average cost of $44.93 per share, with a total value of $509,955.50. Following the completion of the acquisition, the insider now directly owns 5,700 shares of the company’s stock, valued at $256,101. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the transaction, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate insiders.



NYSE BK traded down $0.52 on Tuesday, hitting $46.25. 2,159,869 shares of the stock traded hands, compared to its average volume of 4,040,103. The business’s fifty day moving average is $43.91 and its two-hundred day moving average is $46.49. Bank of New York Mellon Corp has a 12 month low of $40.52 and a 12 month high of $54.27. The firm has a market capitalization of $43.72 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.43 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 announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the company earned $1.03 earnings per share. Bank of New York Mellon’s revenue was down 5.2% compared to the same quarter last year. Analysts expect that Bank of New York Mellon Corp will post 3.94 EPS for the current fiscal year.

Bank of New York Mellon declared that its board has approved a share buyback program on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in shares. This repurchase authorization authorizes the bank to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

A number of brokerages recently commented on BK. Morgan Stanley increased their price target on Bank of New York Mellon from $41.00 to $42.00 and gave the company an “underweight” rating in a research report on Tuesday, September 17th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their price target for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Buckingham Research decreased their price target on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a research report on Thursday, July 18th. Deutsche Bank decreased their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Finally, UBS Group decreased their price target on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $49.10.

Bank of New York Mellon Company 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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