Bank of New York Mellon Corp (NYSE:BK) Director Edward P. Garden sold 143,792 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $52.52, for a total transaction of $7,551,955.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Bank of New York Mellon Corp (NYSE:BK) traded up $0.01 during mid-day trading on Thursday, hitting $52.43. 4,545,500 shares of the stock traded hands, compared to its average volume of 4,575,817. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.69. Bank of New York Mellon Corp has a 52-week low of $43.85 and a 52-week high of $55.29. The firm has a market cap of $53,679.23, a price-to-earnings ratio of 15.11, a P/E/G ratio of 1.91 and a beta of 1.22.
Bank of New York Mellon Corp (NYSE:BK) last issued its quarterly earnings data on Thursday, October 19th. The bank reported $0.94 EPS for the quarter, topping the consensus estimate of $0.93 by $0.01. Bank of New York Mellon Corp had a net margin of 23.14% and a return on equity of 10.51%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.99 billion. During the same period in the prior year, the business posted $0.90 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. analysts forecast that Bank of New York Mellon Corp will post 3.54 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 9th. Stockholders of record on Tuesday, October 31st were issued a $0.24 dividend. The ex-dividend date was Monday, October 30th. This represents a $0.96 annualized dividend and a dividend yield of 1.83%. Bank of New York Mellon Corp’s dividend payout ratio is currently 28.07%.
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Several hedge funds have recently modified their holdings of BK. Invictus RG purchased a new stake in Bank of New York Mellon Corp during the 3rd quarter worth approximately $102,000. First Interstate Bank increased its stake in Bank of New York Mellon Corp by 56.2% during the 2nd quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock worth $119,000 after buying an additional 842 shares during the period. Hudock Capital Group LLC increased its stake in Bank of New York Mellon Corp by 0.3% during the 2nd quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock worth $130,000 after buying an additional 7 shares during the period. Advisory Services Network LLC increased its stake in Bank of New York Mellon Corp by 15.5% during the 2nd quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock worth $138,000 after buying an additional 363 shares during the period. Finally, Burt Wealth Advisors increased its stake in Bank of New York Mellon Corp by 2,186.7% during the 2nd quarter. Burt Wealth Advisors now owns 2,744 shares of the bank’s stock worth $139,000 after buying an additional 2,624 shares during the period. Hedge funds and other institutional investors own 82.44% of the company’s stock.
BK has been the topic of several recent analyst reports. BidaskClub upgraded shares of Bank of New York Mellon Corp from a “hold” rating to a “buy” rating in a report on Sunday, August 6th. Zacks Investment Research upgraded shares of Bank of New York Mellon Corp from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a report on Tuesday, October 10th. Goldman Sachs Group Inc reiterated a “buy” rating and issued a $58.00 target price (up from $52.85) on shares of Bank of New York Mellon Corp in a report on Friday, October 20th. Morgan Stanley boosted their target price on shares of Bank of New York Mellon Corp from $55.00 to $60.00 and gave the company an “equal weight” rating in a report on Friday, October 20th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $56.00 target price on shares of Bank of New York Mellon Corp in a report on Friday, September 15th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $55.28.
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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