First Citizens Bank & Trust Co. lessened its holdings in Bank of New York Mellon Corp (NYSE:BK) by 9.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,649 shares of the bank’s stock after selling 4,360 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Bank of New York Mellon were worth $1,499,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Campbell & CO Investment Adviser LLC purchased a new position in Bank of New York Mellon during the third quarter worth about $274,000. Gyroscope Capital Management Group LLC acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter valued at approximately $876,000. Strategic Investment Advisors MI boosted its stake in shares of Bank of New York Mellon by 9.5% during the 3rd quarter. Strategic Investment Advisors MI now owns 7,179 shares of the bank’s stock worth $247,000 after acquiring an additional 623 shares in the last quarter. Nachman Norwood & Parrott Inc acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter worth approximately $79,000. Finally, Avantax Advisory Services Inc. increased its stake in Bank of New York Mellon by 31.8% in the 3rd quarter. Avantax Advisory Services Inc. now owns 20,803 shares of the bank’s stock valued at $713,000 after purchasing an additional 5,014 shares in the last quarter. 82.08% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the company. UBS Group decreased their target price on Bank of New York Mellon from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, October 6th. Citigroup decreased their target price on Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Bank of America boosted their target price on Bank of New York Mellon from $40.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, July 10th. Seaport Global Securities assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 8th. They set a “buy” rating and a $51.00 target price on the stock. Finally, ValuEngine upgraded Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a research report on Monday, July 20th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company’s stock. Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus price target of $44.56.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Friday, October 16th. The bank reported $0.98 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.04. Bank of New York Mellon had a return on equity of 10.34% and a net margin of 22.31%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period in the prior year, the business posted $1.07 earnings per share. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. Equities analysts predict that Bank of New York Mellon Corp will post 3.93 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Wednesday, October 28th will be paid a dividend of $0.31 per share. The ex-dividend date is Tuesday, October 27th. This represents a $1.24 annualized dividend and a yield of 3.26%. Bank of New York Mellon’s dividend payout ratio is presently 30.85%.
In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 35,000 shares of the company’s stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the completion of the sale, the executive vice president now directly owns 145,425 shares in the company, valued at $5,198,943.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.12% of the company’s stock.
About 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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