WEALTHFRONT Corp lessened its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 10.7% during the third quarter, HoldingsChannel reports. The firm owned 41,068 shares of the bank’s stock after selling 4,903 shares during the period. WEALTHFRONT Corp’s holdings in Bank of New York Mellon were worth $2,094,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Quad Cities Investment Group LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth about $102,000. Girard Partners LTD. acquired a new position in shares of Bank of New York Mellon in the third quarter worth about $120,000. Stelac Advisory Services LLC acquired a new position in shares of Bank of New York Mellon in the third quarter worth about $161,000. Flagship Harbor Advisors LLC bought a new stake in Bank of New York Mellon in the second quarter valued at about $172,000. Finally, Sageworth Trust Co increased its holdings in Bank of New York Mellon by 241.3% in the third quarter. Sageworth Trust Co now owns 4,095 shares of the bank’s stock valued at $209,000 after buying an additional 2,895 shares during the last quarter. Institutional investors own 84.06% of the company’s stock.
Several brokerages recently weighed in on BK. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Vining Sparks reissued a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a report on Tuesday, October 9th. Wolfe Research began coverage on Bank of New York Mellon in a report on Tuesday, September 25th. They issued an “underperform” rating for the company. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating and set a $57.00 price objective for the company in a report on Monday, September 17th. Finally, Deutsche Bank lowered their price objective on Bank of New York Mellon from $55.00 to $54.00 and set a “buy” rating for the company in a report on Friday, November 16th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $57.77.
Bank of New York Mellon (NYSE:BK) last posted its earnings results on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.04 by $0.02. The company had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.15 billion. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. The business’s revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 earnings per share. Equities research analysts anticipate that Bank of New York Mellon Corp will post 4.17 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, November 9th. Stockholders of record on Tuesday, October 30th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Monday, October 29th. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.
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Bank of New York Mellon 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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