Westchester Capital Management Inc. Boosts Holdings in Bank of New York Mellon Corp (BK)

Westchester Capital Management Inc. boosted its stake in Bank of New York Mellon Corp (NYSE:BK) by 1.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 182,007 shares of the bank’s stock after purchasing an additional 2,640 shares during the quarter. Bank of New York Mellon comprises about 3.7% of Westchester Capital Management Inc.’s holdings, making the stock its 16th biggest position. Westchester Capital Management Inc.’s holdings in Bank of New York Mellon were worth $9,281,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Bank of New York Mellon by 123.2% in 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. Morgan Stanley lifted 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 valued at $456,300,000 after buying an additional 3,363,091 shares in the last quarter. AustralianSuper Pty Ltd bought a new position in shares of Bank of New York Mellon in the second quarter valued at $85,695,000. Vulcan Value Partners LLC lifted 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 valued at $424,494,000 after buying an additional 918,540 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Bank of New York Mellon by 15.4% in the third quarter. American Century Companies Inc. now owns 6,635,794 shares of the bank’s stock valued at $338,359,000 after buying an additional 883,923 shares in the last quarter. Institutional investors and hedge funds own 83.47% of the company’s stock.

NYSE BK traded down $0.58 during trading hours on Friday, reaching $48.45. 34,202 shares of the company were exchanged, compared to its average volume of 6,763,625. Bank of New York Mellon Corp has a 1 year low of $45.16 and a 1 year 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 company has a market capitalization of $48.32 billion, a PE ratio of 13.45, a price-to-earnings-growth ratio of 1.50 and a beta of 1.04.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, October 18th. The bank reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.02. Bank of New York Mellon had a net margin of 24.92% and a return on equity of 11.48%. The business had revenue of $4.07 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same quarter last year, the company posted $0.94 earnings per share. The firm’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, analysts forecast that Bank of New York Mellon Corp will post 4.17 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Monday, October 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.31%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.

A number of research analysts have weighed in on the stock. Keefe, Bruyette & Woods set a $56.00 price objective on shares of Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, July 19th. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Sandler O’Neill reissued a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Vining Sparks reissued a “buy” rating and set a $62.00 price target on shares of Bank of New York Mellon in a research report on Monday, July 23rd. Finally, Zacks Investment Research lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Four equities 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. The company has an average rating of “Hold” and a consensus price target of $58.38.

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Bank of New York Mellon Company 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.

Read More: Balance Sheet

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

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