Clifford Swan Investment Counsel LLC Sells 11,267 Shares of Bank of New York Mellon Corp (BK)

Clifford Swan Investment Counsel LLC lowered its holdings in Bank of New York Mellon Corp (NYSE:BK) by 2.8% during the fourth quarter, Holdings Channel reports. The fund owned 394,787 shares of the bank’s stock after selling 11,267 shares during the period. Bank of New York Mellon accounts for about 1.2% of Clifford Swan Investment Counsel LLC’s portfolio, making the stock its 25th biggest position. Clifford Swan Investment Counsel LLC’s holdings in Bank of New York Mellon were worth $21,263,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invictus RG bought a new position in Bank of New York Mellon in the third quarter worth about $102,000. Vestpro Financial Partners Inc. dba CPF Texas bought a new position in Bank of New York Mellon in the fourth quarter worth about $120,000. Rowland & Co. Investment Counsel ADV bought a new position in Bank of New York Mellon in the fourth quarter worth about $124,000. Horan Capital Advisors LLC. acquired a new stake in shares of Bank of New York Mellon in the third quarter valued at approximately $139,000. Finally, Taylor Hoffman Wealth Management acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $144,000. 83.67% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Corp (BK) opened at $56.25 on Friday. Bank of New York Mellon Corp has a 12 month low of $45.12 and a 12 month high of $58.99. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. The company has a market cap of $57,006.11, a P/E ratio of 15.58, a P/E/G ratio of 1.79 and a beta of 1.21.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, January 18th. The bank reported $0.91 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.91. Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The business had revenue of $3.73 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business earned $0.77 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. research analysts expect that Bank of New York Mellon Corp will post 4.06 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Tuesday, January 30th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, January 29th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.71%. Bank of New York Mellon’s dividend payout ratio is presently 25.74%.

BK has been the topic of several analyst reports. Barclays raised their price target on shares of Bank of New York Mellon from $55.00 to $66.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada restated a “hold” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, November 15th. Sandler O’Neill restated a “hold” rating and issued a $58.00 price target on shares of Bank of New York Mellon in a research note on Friday, January 19th. JPMorgan Chase & Co. lowered shares of Bank of New York Mellon from a “neutral” rating to an “underweight” rating and set a $55.50 price target on the stock. in a research note on Friday, January 19th. Finally, Vining Sparks restated a “buy” rating and issued a $62.00 price target on shares of Bank of New York Mellon in a research note on Monday, January 8th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $56.76.

In other Bank of New York Mellon news, CFO Thomas P. Gibbons sold 38,152 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $54.15, for a total value of $2,065,930.80. Following the transaction, the chief financial officer now owns 310,002 shares in the company, valued at $16,786,608.30. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Edward P. Garden sold 143,792 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $52.52, for a total transaction of $7,551,955.84. The disclosure for this sale can be found here. Insiders have sold 831,944 shares of company stock worth $43,807,887 in the last quarter. Company insiders own 3.60% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “Clifford Swan Investment Counsel LLC Sells 11,267 Shares of Bank of New York Mellon Corp (BK)” was reported by The Lincolnian Online and is the property of of The Lincolnian Online. If you are accessing this article on another domain, it was stolen and reposted in violation of United States and international trademark & copyright legislation. The original version of this article can be accessed at https://www.thelincolnianonline.com/2018/02/18/clifford-swan-investment-counsel-llc-sells-11267-shares-of-bank-of-new-york-mellon-corp-bk.html.

Bank of New York Mellon Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corp (NYSE:BK).

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

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply