Profund Advisors LLC Has $993,000 Holdings in Bank of New York Mellon Corp (NYSE:BK)

Profund Advisors LLC lifted its stake in Bank of New York Mellon Corp (NYSE:BK) by 54.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,499 shares of the bank’s stock after buying an additional 7,977 shares during the period. Profund Advisors LLC’s holdings in Bank of New York Mellon were worth $993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of BK. Trustcore Financial Services LLC grew its position in Bank of New York Mellon by 204.6% during the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after acquiring an additional 442 shares during the last quarter. Mirova bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $41,000. Pflug Koory LLC grew its position in Bank of New York Mellon by 69.3% during the 2nd quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock worth $52,000 after acquiring an additional 485 shares during the last quarter. Oakworth Capital Inc. grew its position in Bank of New York Mellon by 116.4% during the 2nd quarter. Oakworth Capital Inc. now owns 1,320 shares of the bank’s stock worth $59,000 after acquiring an additional 710 shares during the last quarter. Finally, Litman Gregory Asset Management LLC bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $62,000. 82.39% of the stock is owned by institutional investors and hedge funds.

BK has been the topic of a number of recent research reports. Morgan Stanley set a $41.00 price objective on Bank of New York Mellon and gave the company a “sell” rating in a research report on Friday, August 9th. Deutsche Bank decreased their price objective on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, August 21st. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, JPMorgan Chase & Co. decreased their price objective on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating on the stock in a research report on Tuesday, July 9th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $49.73.

In related news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now owns 539,052 shares of the company’s stock, valued at approximately $25,184,509.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman William M. Daley acquired 11,350 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average cost of $44.93 per share, for a total transaction of $509,955.50. Following the purchase, the insider now directly owns 5,700 shares in the company, valued at approximately $256,101. The disclosure for this purchase can be found here. Corporate insiders own 1.71% of the company’s stock.

Shares of BK stock traded up $0.02 during trading hours on Monday, reaching $46.92. The company had a trading volume of 57,738 shares, compared to its average volume of 3,625,523. The company has a 50 day moving average of $43.98 and a 200 day moving average of $46.79. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.71. The firm has a market cap of $44.02 billion, a price-to-earnings ratio of 11.13, a P/E/G ratio of 1.43 and a beta of 1.11. Bank of New York Mellon Corp has a 1-year low of $40.52 and a 1-year high of $54.27.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.07. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The firm’s quarterly revenue was down 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.03 EPS. As a group, sell-side analysts forecast that Bank of New York Mellon Corp will post 3.93 EPS for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has approved a stock buyback program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

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.

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

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