PFG Advisors Lowers Stock Holdings in Bank of New York Mellon Corp (NYSE:BK)

PFG Advisors decreased its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 6.1% during the third quarter, Holdings Channel reports. The institutional investor owned 10,765 shares of the bank’s stock after selling 705 shares during the period. PFG Advisors’ holdings in Bank of New York Mellon were worth $461,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC increased its holdings in Bank of New York Mellon by 1.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 17,821 shares of the bank’s stock valued at $786,000 after acquiring an additional 221 shares during the last quarter. St. Johns Investment Management Company LLC increased its holdings in Bank of New York Mellon by 1.7% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 13,564 shares of the bank’s stock valued at $599,000 after acquiring an additional 227 shares during the last quarter. GYL Financial Synergies LLC increased its holdings in Bank of New York Mellon by 2.1% in the 2nd quarter. GYL Financial Synergies LLC now owns 12,884 shares of the bank’s stock valued at $569,000 after acquiring an additional 261 shares during the last quarter. CHICAGO TRUST Co NA increased its holdings in Bank of New York Mellon by 4.4% in the 2nd quarter. CHICAGO TRUST Co NA now owns 6,293 shares of the bank’s stock valued at $278,000 after acquiring an additional 264 shares during the last quarter. Finally, Alpha Windward LLC increased its holdings in Bank of New York Mellon by 5.2% in the 2nd quarter. Alpha Windward LLC now owns 5,610 shares of the bank’s stock valued at $263,000 after acquiring an additional 278 shares during the last quarter. Institutional investors own 82.39% of the company’s stock.

BK has been the topic of a number of research reports. ValuEngine upgraded shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. UBS Group reduced 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 report on Wednesday, June 26th. JPMorgan Chase & Co. reduced their price target on shares of Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating on the stock in a report on Thursday, October 10th. Keefe, Bruyette & Woods upgraded 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 report on Thursday, July 18th. Finally, Morgan Stanley reduced their price target on shares of Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a report on Friday, October 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Bank of New York Mellon presently has an average rating of “Hold” and a consensus price target of $48.50.

In other news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total value 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman William M. Daley bought 11,350 shares of Bank of New York Mellon stock in a transaction dated Thursday, July 18th. The stock was acquired at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the acquisition, the insider now owns 5,700 shares in the company, valued at $256,101. The disclosure for this purchase can be found here. Insiders own 1.71% of the company’s stock.

Bank of New York Mellon stock opened at $44.36 on Wednesday. The company’s 50-day moving average price is $44.11 and its 200-day moving average price is $45.62. Bank of New York Mellon Corp has a twelve month low of $40.52 and a twelve month high of $54.27. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. The company has a market cap of $41.59 billion, a PE ratio of 10.54, a price-to-earnings-growth ratio of 1.36 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping 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 the consensus estimate of $3.92 billion. During the same period in the previous year, the firm posted $1.03 EPS. The business’s quarterly revenue was down 5.2% on a year-over-year basis. As a group, sell-side analysts expect that Bank of New York Mellon Corp will post 3.94 earnings per share for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that permits the company to buyback $3.94 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 9.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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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