PGGM Investments Sells 131,076 Shares of Bank of New York Mellon Corp (NYSE:BK)

PGGM Investments reduced its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 8.9% in the fourth quarter, Holdings Channel reports. The fund owned 1,338,463 shares of the bank’s stock after selling 131,076 shares during the quarter. PGGM Investments’ holdings in Bank of New York Mellon were worth $67,365,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in BK. Atwater Malick LLC bought a new position in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $31,000. Penserra Capital Management LLC bought a new position in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $39,000. Stonebridge Capital Advisors LLC bought a new position in shares of Bank of New York Mellon during the 2nd quarter valued at approximately $43,000. Baystate Wealth Management LLC boosted its holdings in Bank of New York Mellon by 386.0% in the 3rd quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock worth $45,000 after buying an additional 799 shares during the period. Finally, Bourgeon Capital Management LLC bought a new position in Bank of New York Mellon in the 3rd quarter worth approximately $45,000. 81.89% of the stock is owned by hedge funds and other institutional investors.

NYSE BK traded down $0.45 on Friday, hitting $46.27. The stock had a trading volume of 238,833 shares, compared to its average volume of 4,164,833. Bank of New York Mellon Corp has a 52-week low of $40.52 and a 52-week high of $54.27. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $47.04 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 1.44 and a beta of 1.14. The firm has a 50-day moving average of $50.15 and a 200-day moving average of $46.49.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Thursday, January 16th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.99 by $0.02. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. The business had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.17 billion. During the same period in the prior year, the company posted $0.99 EPS. The business’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, research analysts anticipate that Bank of New York Mellon Corp will post 3.99 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Monday, January 27th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.68%. The ex-dividend date is Friday, January 24th. Bank of New York Mellon’s dividend payout ratio is presently 29.45%.

Several research analysts recently commented on the stock. Buckingham Research reaffirmed a “neutral” rating and issued a $53.00 price objective (down from $56.00) on shares of Bank of New York Mellon in a report on Friday. Credit Suisse Group raised their price objective on shares of Bank of New York Mellon from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 19th. Morgan Stanley cut their price objective on shares of Bank of New York Mellon from $54.00 to $51.00 and set an “underweight” rating for the company in a report on Friday. Finally, Citigroup raised their price objective on shares of Bank of New York Mellon from $45.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Bank of New York Mellon currently has a consensus rating of “Hold” and a consensus price target of $51.70.

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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