Bank of New York Mellon Corp (NYSE:BK) Shares Sold by Pennsylvania Trust Co

Pennsylvania Trust Co lessened its stake in Bank of New York Mellon Corp (NYSE:BK) by 8.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,975 shares of the bank’s stock after selling 747 shares during the period. Pennsylvania Trust Co’s holdings in Bank of New York Mellon were worth $361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trustcore Financial Services LLC increased its position in Bank of New York Mellon by 204.6% in the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock valued at $29,000 after acquiring an additional 442 shares in the last quarter. Mirova acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $41,000. Stonebridge Capital Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $43,000. Pflug Koory LLC raised its holdings in shares of Bank of New York Mellon by 69.3% in the second quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock valued at $52,000 after purchasing an additional 485 shares during the last quarter. Finally, Phocas Financial Corp. acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $53,000. Institutional investors own 82.39% of the company’s stock.

BK stock opened at $44.12 on Friday. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.71. The company has a fifty day moving average price of $43.89 and a two-hundred day moving average price of $45.75. Bank of New York Mellon Corp has a one year low of $40.52 and a one year high of $54.27. The stock has a market cap of $41.59 billion, a price-to-earnings ratio of 10.48, a price-to-earnings-growth ratio of 1.32 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping the Zacks’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the previous year, the business posted $1.03 earnings per share. The company’s revenue for the quarter was down 5.2% compared to the same quarter last year. Research analysts anticipate 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 of Directors has approved a stock buyback program on Thursday, June 27th that allows the company to buyback $3.94 billion in shares. This buyback authorization allows the bank to reacquire up to 9.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

BK has been the topic of a number of recent research reports. UBS Group lowered their price objective 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. Deutsche Bank reduced their price objective on shares of 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. Buckingham Research reduced their price objective on shares of 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. Morgan Stanley reduced their price objective on shares of Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $48.50.

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

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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