Stocks: Bank of New York Mellon Corp (BK) Position Lowered by Beck Mack & Oliver LLC

Stocks: Bank of New York Mellon Corp (BK) Position Lowered by Beck Mack & Oliver LLC

Beck Mack & Oliver LLC decreased its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 4.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,056 shares of the bank’s stock after selling 2,150 shares during the period. Beck Mack & Oliver LLC’s holdings in Bank of New York Mellon Corp were worth $2,222,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Dodge & Cox acquired a new stake in Bank of New York Mellon Corp during the fourth quarter worth $2,352,702,000. State Street Corp raised its stake in Bank of New York Mellon Corp by 8.5% in the fourth quarter. State Street Corp now owns 49,205,956 shares of the bank’s stock worth $2,331,384,000 after buying an additional 3,836,306 shares during the period. Norges Bank acquired a new stake in Bank of New York Mellon Corp during the fourth quarter worth $178,809,000. Renaissance Technologies LLC raised its stake in Bank of New York Mellon Corp by 2,507.8% in the fourth quarter. Renaissance Technologies LLC now owns 3,686,777 shares of the bank’s stock worth $174,679,000 after buying an additional 3,545,400 shares during the period. Finally, Russell Investments Group Ltd. acquired a new stake in Bank of New York Mellon Corp during the fourth quarter worth $102,936,000. 82.83% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Corp (NYSE:BK) traded down 0.970% during mid-day trading on Friday, hitting $46.475. 719,278 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $47.03 and its 200-day moving average price is $46.77. The stock has a market cap of $48.33 billion, a PE ratio of 14.296 and a beta of 1.32. Bank of New York Mellon Corp has a one year low of $35.72 and a one year high of $49.54.

Bank of New York Mellon Corp (NYSE:BK) last posted its earnings results on Thursday, April 20th. The bank reported $0.80 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.80. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.83 billion. Bank of New York Mellon Corp had a return on equity of 9.74% and a net margin of 22.64%. Bank of New York Mellon Corp’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 earnings per share. On average, analysts forecast that Bank of New York Mellon Corp will post $3.51 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 12th. Stockholders of record on Tuesday, May 2nd will be given a $0.19 dividend. The ex-dividend date is Friday, April 28th. This represents a $0.76 annualized dividend and a dividend yield of 1.62%. Bank of New York Mellon Corp’s dividend payout ratio is currently 24.05%.

A number of analysts recently weighed in on BK shares. Keefe, Bruyette & Woods lowered shares of Bank of New York Mellon Corp from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $54.00 to $48.00 in a research note on Friday, January 20th. Deutsche Bank AG lowered their price objective on shares of Bank of New York Mellon Corp from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Thursday, April 6th. Evercore ISI lowered shares of Bank of New York Mellon Corp from a “hold” rating to an “underperform” rating and set a $48.00 price objective for the company. in a research note on Friday, March 3rd. Zacks Investment Research lowered shares of Bank of New York Mellon Corp from a “buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Finally, Credit Suisse Group AG reaffirmed a “neutral” rating on shares of Bank of New York Mellon Corp in a research note on Friday, April 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $51.07.

In other news, EVP J Kevin Mccarthy sold 10,000 shares of the company’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.64, for a total value of $476,400.00. Following the sale, the executive vice president now directly owns 100,487 shares in the company, valued at $4,787,200.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 102,174 shares of the company’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $47.71, for a total value of $4,874,721.54. Following the completion of the sale, the insider now owns 271,416 shares in the company, valued at $12,949,257.36. The disclosure for this sale can be found here. 3.40% of the stock is owned by corporate insiders.

About Bank of New York Mellon Corp

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.

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