Pacer Advisors Inc. Boosts Stake in Bank of New York Mellon Corp (NYSE:BK)

Pacer Advisors Inc. increased its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 10.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 92,589 shares of the bank’s stock after purchasing an additional 9,018 shares during the quarter. Pacer Advisors Inc.’s holdings in Bank of New York Mellon were worth $4,186,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Longview Partners Guernsey LTD raised its holdings in shares of Bank of New York Mellon by 31.4% in the second quarter. Longview Partners Guernsey LTD now owns 26,407,419 shares of the bank’s stock worth $1,165,888,000 after acquiring an additional 6,313,870 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of Bank of New York Mellon by 14,319.7% in the second quarter. Nuveen Asset Management LLC now owns 4,289,149 shares of the bank’s stock valued at $189,366,000 after purchasing an additional 4,259,404 shares during the period. Macquarie Group Ltd. grew its position in shares of Bank of New York Mellon by 8.2% in the second quarter. Macquarie Group Ltd. now owns 15,625,495 shares of the bank’s stock valued at $689,865,000 after purchasing an additional 1,190,481 shares during the period. Invesco Ltd. grew its position in shares of Bank of New York Mellon by 17.3% in the second quarter. Invesco Ltd. now owns 7,626,951 shares of the bank’s stock valued at $336,730,000 after purchasing an additional 1,126,449 shares during the period. Finally, Balyasny Asset Management LLC grew its position in shares of Bank of New York Mellon by 11,850.1% in the second quarter. Balyasny Asset Management LLC now owns 753,813 shares of the bank’s stock valued at $33,281,000 after purchasing an additional 747,505 shares during the period. 82.39% of the stock is owned by hedge funds and other institutional investors.

In other Bank of New York Mellon news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $25,184,509.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Vice Chairman William M. Daley acquired 11,350 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the purchase, the insider now directly owns 5,700 shares of the company’s stock, valued at $256,101. The disclosure for this purchase can be found here. 1.71% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on the company. Wolfe Research raised Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, October 2nd. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Deutsche Bank lowered their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 21st. Morgan Stanley lowered their price target on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a research report on Friday, October 4th. Finally, ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. Bank of New York Mellon has an average rating of “Hold” and a consensus price target of $48.50.

Shares of NYSE BK opened at $44.12 on Friday. Bank of New York Mellon Corp has a 1-year low of $40.52 and a 1-year high of $54.27. The business has a 50-day moving average of $43.89 and a 200-day moving average of $45.75. 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 company has a market capitalization of $41.59 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 1.32 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same quarter in the prior year, the business earned $1.03 earnings per share. The company’s revenue was down 5.2% compared to the same quarter last year. Research analysts expect that Bank of New York Mellon Corp will post 3.94 EPS for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that permits the company to buyback $3.94 billion in outstanding shares. This buyback authorization permits the bank to buy up to 9.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership 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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