Global Trust Asset Management LLC Grows Position in Bank of New York Mellon Corp (BK)

Global Trust Asset Management LLC increased its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 111.2% in the 4th quarter, Holdings Channel reports. The firm owned 3,609 shares of the bank’s stock after purchasing an additional 1,900 shares during the quarter. Global Trust Asset Management LLC’s holdings in Bank of New York Mellon were worth $170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in BK. Girard Partners LTD. acquired a new position in Bank of New York Mellon in the 3rd quarter valued at $120,000. Stelac Advisory Services LLC acquired a new position in Bank of New York Mellon in the 3rd quarter valued at $161,000. Flagship Harbor Advisors LLC acquired a new position in Bank of New York Mellon in the 2nd quarter valued at $172,000. Csenge Advisory Group acquired a new position in Bank of New York Mellon in the 3rd quarter valued at $187,000. Finally, TLP Group LLC acquired a new position in Bank of New York Mellon in the 3rd quarter valued at $204,000. 84.00% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon stock opened at $48.08 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. Bank of New York Mellon Corp has a 52 week low of $43.67 and a 52 week high of $58.99. The firm has a market cap of $47.22 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 1.34 and a beta of 1.02.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same quarter in the previous year, the firm earned $0.94 EPS. Bank of New York Mellon’s revenue was up 1.3% on a year-over-year basis. As a group, research analysts forecast that Bank of New York Mellon Corp will post 4.14 EPS for the current year.

Bank of New York Mellon declared that its board has approved a share repurchase program on Monday, December 10th that allows the company to buyback $830.00 million in shares. This buyback authorization allows the bank to buy up to 1.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Several brokerages have weighed in on BK. Zacks Investment Research reaffirmed a “hold” rating on shares of Bank of New York Mellon in a report on Monday, December 31st. Citigroup cut Bank of New York Mellon from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $52.00 in a report on Wednesday. Credit Suisse Group dropped their price objective on Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, December 7th. Deutsche Bank dropped 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. Finally, 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. Four analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $55.75.

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

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