Trian Fund Management L.P. boosted its holdings in Bank of New York Mellon Corp (NYSE:BK) by 2.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,136,596 shares of the bank’s stock after purchasing an additional 360,164 shares during the quarter. Bank of New York Mellon comprises 8.4% of Trian Fund Management L.P.’s investment portfolio, making the stock its 5th largest holding. Trian Fund Management L.P. owned 1.60% of Bank of New York Mellon worth $831,519,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in Bank of New York Mellon during the 4th quarter worth $120,000. Patten Group Inc. raised its position in Bank of New York Mellon by 44.4% during the 1st quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock worth $124,000 after buying an additional 900 shares during the last quarter. Centaurus Financial Inc. purchased a new position in Bank of New York Mellon during the 1st quarter worth $126,000. Taylor Hoffman Wealth Management purchased a new position in Bank of New York Mellon during the 4th quarter worth $144,000. Finally, Ostrum Asset Management purchased a new position in Bank of New York Mellon during the 1st quarter worth $148,000. Hedge funds and other institutional investors own 82.18% of the company’s stock.
BK has been the subject of a number of analyst reports. Goldman Sachs Group downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research report on Monday, March 12th. They noted that the move was a valuation call. Deutsche Bank upped their price objective on shares of Bank of New York Mellon from $64.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, March 6th. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $65.00 to $66.00 and gave the stock an “overweight” rating in a research report on Monday, March 12th. Bank of America upgraded shares of Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 price objective for the company in a research report on Wednesday, March 7th. Finally, ValuEngine upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Thursday, April 19th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the company. Bank of New York Mellon has a consensus rating of “Hold” and an average target price of $58.32.
In related news, insider Mitchell E. Harris sold 48,000 shares of the stock in a transaction dated Monday, April 23rd. The shares were sold at an average price of $56.00, for a total value of $2,688,000.00. Following the sale, the insider now directly owns 166,810 shares of the company’s stock, valued at approximately $9,341,360. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 15,000 shares of the stock in a transaction dated Monday, April 23rd. The shares were sold at an average price of $55.89, for a total transaction of $838,350.00. Following the completion of the sale, the executive vice president now directly owns 100,609 shares in the company, valued at $5,623,037.01. The disclosure for this sale can be found here. Insiders sold a total of 67,701 shares of company stock valued at $3,796,375 in the last quarter. Insiders own 1.76% of the company’s stock.
Shares of Bank of New York Mellon opened at $57.32 on Thursday, according to MarketBeat.com. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $58.32 billion, a PE ratio of 15.92, a P/E/G ratio of 1.74 and a beta of 1.20. Bank of New York Mellon Corp has a 52-week low of $49.00 and a 52-week high of $58.99.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, April 19th. The bank reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.14. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.04 billion. Bank of New York Mellon had a net margin of 25.20% and a return on equity of 11.27%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.83 EPS. equities research analysts forecast that Bank of New York Mellon Corp will post 4.27 EPS for the current fiscal year.
About Bank of New York Mellon
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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