Pinnacle Associates Ltd. Raises Position in Bank of New York Mellon Corp (BK)

Pinnacle Associates Ltd. increased its stake in Bank of New York Mellon Corp (NYSE:BK) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 181,526 shares of the bank’s stock after buying an additional 9,112 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Bank of New York Mellon were worth $9,354,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. IFM Investors Pty Ltd lifted its position in shares of Bank of New York Mellon by 10.2% during the first quarter. IFM Investors Pty Ltd now owns 32,146 shares of the bank’s stock worth $1,656,000 after purchasing an additional 2,981 shares during the last quarter. Employees Retirement System of Texas lifted its position in shares of Bank of New York Mellon by 77.7% during the first quarter. Employees Retirement System of Texas now owns 250,500 shares of the bank’s stock worth $12,908,000 after purchasing an additional 109,500 shares during the last quarter. Vantage Investment Advisors LLC lifted its position in shares of Bank of New York Mellon by 48.5% during the first quarter. Vantage Investment Advisors LLC now owns 83,260 shares of the bank’s stock worth $4,290,000 after purchasing an additional 27,185 shares during the last quarter. Stockman Wealth Management Inc. increased its stake in shares of Bank of New York Mellon by 3.5% during the first quarter. Stockman Wealth Management Inc. now owns 75,777 shares of the bank’s stock valued at $3,905,000 after buying an additional 2,596 shares during the period. Finally, Mainstay Capital Management LLC ADV increased its stake in shares of Bank of New York Mellon by 12.2% during the first quarter. Mainstay Capital Management LLC ADV now owns 16,921 shares of the bank’s stock valued at $871,000 after buying an additional 1,838 shares during the period. Institutional investors own 82.18% of the company’s stock.

Bank of New York Mellon opened at $57.32 on Thursday, MarketBeat Ratings reports. Bank of New York Mellon Corp has a 52 week low of $49.00 and a 52 week high of $58.99. The stock has a market cap of $58.32 billion, a P/E ratio of 15.92, a PEG ratio of 1.74 and a beta of 1.20. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.71 and a quick ratio of 0.71.

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 company 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 return on equity of 11.27% and a net margin of 25.20%. Bank of New York Mellon’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.83 earnings per share. equities analysts anticipate that Bank of New York Mellon Corp will post 4.27 EPS for the current fiscal year.

In related news, insider Kurtis R. Kurimsky sold 4,701 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The stock was sold at an average price of $57.44, for a total transaction of $270,025.44. Following the completion of the sale, the insider now directly owns 16,487 shares in the company, valued at $947,013.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mitchell E. Harris sold 48,000 shares of the business’s stock in a transaction that occurred on Monday, April 23rd. The stock was sold at an average price of $56.00, for a total value of $2,688,000.00. Following the sale, the insider now owns 166,810 shares of the company’s stock, valued at $9,341,360. The disclosure for this sale can be found here. Insiders sold 67,701 shares of company stock valued at $3,796,375 over the last 90 days. Company insiders own 1.76% of the company’s stock.

BK has been the topic of several research reports. Deutsche Bank raised their price target on Bank of New York Mellon from $64.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, March 6th. Bank of America upgraded Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 price target on the stock in a research note on Wednesday, March 7th. Keefe, Bruyette & Woods set a $57.00 target price on Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, March 8th. Goldman Sachs Group lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating in a research note on Monday, March 12th. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $65.00 to $66.00 and gave the company an “overweight” rating in a research note on Monday, March 12th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $58.32.

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.

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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