Forte Capital LLC ADV decreased its stake in Bank of New York Mellon Corp (NYSE:BK) by 2.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 32,481 shares of the bank’s stock after selling 835 shares during the period. Forte Capital LLC ADV’s holdings in Bank of New York Mellon were worth $1,468,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the business. Cerebellum GP LLC raised its position in Bank of New York Mellon by 26.2% in the third quarter. Cerebellum GP LLC now owns 9,807 shares of the bank’s stock worth $443,000 after acquiring an additional 2,037 shares during the period. Keystone Financial Planning Inc. raised its position in Bank of New York Mellon by 101.9% in the third quarter. Keystone Financial Planning Inc. now owns 21,167 shares of the bank’s stock worth $957,000 after acquiring an additional 10,682 shares during the period. North Star Investment Management Corp. bought a new stake in Bank of New York Mellon in the third quarter worth about $181,000. Fulton Bank N.A. raised its position in Bank of New York Mellon by 1.7% in the third quarter. Fulton Bank N.A. now owns 22,334 shares of the bank’s stock worth $1,010,000 after acquiring an additional 380 shares during the period. Finally, Enterprise Trust & Investment Co raised its position in Bank of New York Mellon by 55.1% in the third quarter. Enterprise Trust & Investment Co now owns 18,296 shares of the bank’s stock worth $827,000 after acquiring an additional 6,500 shares during the period. 82.39% of the stock is currently owned by institutional investors and hedge funds.
In related news, Vice Chairman William M. Daley bought 11,350 shares of the company’s stock in a transaction on Thursday, July 18th. The stock was acquired at an average cost of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the transaction, the insider now directly owns 5,700 shares in the company, valued at approximately $256,101. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction that occurred on Wednesday, July 24th. The shares were 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 $25,184,509.44. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
NYSE:BK traded up $0.50 during mid-day trading on Wednesday, hitting $42.83. 3,149,011 shares of the stock traded hands, compared to its average volume of 5,008,440. The business’s 50-day moving average price is $43.82 and its 200 day moving average price is $45.81. The company has a market cap of $40.37 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 1.31 and a beta of 1.12. Bank of New York Mellon Corp has a 12-month low of $40.52 and a 12-month high of $54.27. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79.
Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the previous year, the business posted $1.03 earnings per share. Bank of New York Mellon’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts anticipate that Bank of New York Mellon Corp will post 3.94 earnings per share for the current fiscal year.
Bank of New York Mellon announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 27th that authorizes the company to buyback $3.94 billion in shares. This buyback authorization authorizes the bank to repurchase up to 9.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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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