Moody National Bank Trust Division Sells 655 Shares of Bank of New York Mellon Corp (NYSE:BK)

Moody National Bank Trust Division lowered its holdings in Bank of New York Mellon Corp (NYSE:BK) by 0.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 135,566 shares of the bank’s stock after selling 655 shares during the quarter. Moody National Bank Trust Division’s holdings in Bank of New York Mellon were worth $6,129,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of BK. Longview Partners Guernsey LTD raised its holdings in shares of Bank of New York Mellon by 31.4% in the 2nd quarter. Longview Partners Guernsey LTD now owns 26,407,419 shares of the bank’s stock valued at $1,165,888,000 after purchasing an additional 6,313,870 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Bank of New York Mellon by 14,319.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,289,149 shares of the bank’s stock worth $189,366,000 after acquiring an additional 4,259,404 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Bank of New York Mellon by 8.2% during the 2nd quarter. Macquarie Group Ltd. now owns 15,625,495 shares of the bank’s stock worth $689,865,000 after acquiring an additional 1,190,481 shares in the last quarter. Invesco Ltd. raised its stake in shares of Bank of New York Mellon by 17.3% during the 2nd quarter. Invesco Ltd. now owns 7,626,951 shares of the bank’s stock worth $336,730,000 after acquiring an additional 1,126,449 shares in the last quarter. Finally, Balyasny Asset Management LLC raised its stake in shares of Bank of New York Mellon by 11,850.1% during the 2nd quarter. Balyasny Asset Management LLC now owns 753,813 shares of the bank’s stock worth $33,281,000 after acquiring an additional 747,505 shares in the last quarter. Institutional investors and hedge funds own 82.39% of the company’s stock.

BK stock opened at $45.34 on Friday. The firm’s fifty day simple moving average is $44.35 and its 200-day simple moving average is $45.54. The company has a market capitalization of $41.84 billion, a P/E ratio of 10.77, a price-to-earnings-growth ratio of 1.36 and a beta of 1.12. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.70 and a quick ratio of 0.71. Bank of New York Mellon Corp has a 12 month low of $40.52 and a 12 month high of $54.27.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, October 16th. The bank reported $1.07 EPS for the quarter, beating the consensus estimate of $0.99 by $0.08. The business had revenue of $3.86 billion for the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.06 EPS. As a group, sell-side analysts forecast that Bank of New York Mellon Corp will post 3.97 earnings per share for the current year.

Bank of New York Mellon declared that its board has initiated a stock repurchase plan on Thursday, June 27th that permits the company to repurchase $3.94 billion in shares. This repurchase authorization permits the bank to repurchase up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, October 28th will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Friday, October 25th. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 29.45%.

In other news, EVP Mitchell E. Harris sold 50,000 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total value of $2,230,000.00. Following the sale, the executive vice president now directly owns 142,266 shares of the company’s stock, valued at approximately $6,345,063.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the business’s stock in a transaction 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 completion of the transaction, 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. 1.71% of the stock is owned by corporate insiders.

BK has been the subject of several recent analyst reports. Wolfe Research upgraded shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, October 2nd. JPMorgan Chase & Co. dropped their target price on shares of Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating on the stock in a research report on Thursday, October 10th. Morgan Stanley dropped their target price on shares of Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a research report on Friday, October 4th. UBS Group dropped their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Finally, Deutsche Bank dropped their target price on shares of 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. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $47.90.

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.

Further Reading: Intrinsic Value

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

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