American Century Companies Inc. raised its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 15.4% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,635,794 shares of the bank’s stock after acquiring an additional 883,923 shares during the quarter. American Century Companies Inc.’s holdings in Bank of New York Mellon were worth $338,359,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. FMR LLC raised its holdings in Bank of New York Mellon by 123.2% during the second quarter. FMR LLC now owns 18,383,793 shares of the bank’s stock valued at $991,438,000 after buying an additional 10,147,809 shares in the last quarter. Longview Partners Guernsey LTD increased its stake in shares of Bank of New York Mellon by 0.7% in the third quarter. Longview Partners Guernsey LTD now owns 17,773,813 shares of the bank’s stock worth $906,287,000 after purchasing an additional 124,800 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Bank of New York Mellon by 0.5% in the second quarter. Artisan Partners Limited Partnership now owns 13,668,727 shares of the bank’s stock worth $737,154,000 after purchasing an additional 63,107 shares during the period. Morgan Stanley increased its stake in shares of Bank of New York Mellon by 66.0% in the second quarter. Morgan Stanley now owns 8,460,980 shares of the bank’s stock worth $456,300,000 after purchasing an additional 3,363,091 shares during the period. Finally, Vulcan Value Partners LLC increased its stake in shares of Bank of New York Mellon by 13.2% in the second quarter. Vulcan Value Partners LLC now owns 7,871,202 shares of the bank’s stock worth $424,494,000 after purchasing an additional 918,540 shares during the period. Institutional investors own 83.47% of the company’s stock.
Shares of BK opened at $48.32 on Wednesday. Bank of New York Mellon Corp has a 12-month low of $45.16 and a 12-month high of $58.99. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.69 and a current ratio of 0.69. The stock has a market cap of $47.21 billion, a P/E ratio of 13.42, a PEG ratio of 1.46 and a beta of 1.04.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.02. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. The firm had revenue of $4.07 billion for the quarter, compared to analyst estimates of $4.15 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. Analysts anticipate that Bank of New York Mellon Corp will post 4.17 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be paid a dividend of $0.28 per share. The ex-dividend date is Monday, October 29th. This represents a $1.12 annualized dividend and a yield of 2.32%. Bank of New York Mellon’s dividend payout ratio is 31.11%.
A number of equities analysts have recently commented on BK shares. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating and set a $57.00 price objective on the stock in a research note on Monday, September 17th. Deutsche Bank lifted their price objective on Bank of New York Mellon from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, September 27th. Vining Sparks reiterated a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research note on Tuesday, October 9th. Keefe, Bruyette & Woods lowered Bank of New York Mellon from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $55.00 to $49.00 in a research note on Friday, October 19th. Finally, Citigroup dropped their price objective on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 19th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.38.
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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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