Commerzbank Aktiengesellschaft FI cut its holdings in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 73.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,933 shares of the bank’s stock after selling 29,524 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Bank Of New York Mellon Corporation (The) were worth $558,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pinnacle Associates Ltd. raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 9.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 171,817 shares of the bank’s stock worth $8,766,000 after purchasing an additional 14,330 shares during the period. Eagle Asset Management Inc. raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 3.3% in the 2nd quarter. Eagle Asset Management Inc. now owns 6,593 shares of the bank’s stock worth $336,000 after purchasing an additional 209 shares during the period. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 58.3% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,477 shares of the bank’s stock worth $177,000 after purchasing an additional 1,280 shares during the period. Marble Harbor Investment Counsel LLC raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 6.9% in the 2nd quarter. Marble Harbor Investment Counsel LLC now owns 8,124 shares of the bank’s stock worth $414,000 after purchasing an additional 525 shares during the period. Finally, Commerce Bank raised its holdings in shares of Bank Of New York Mellon Corporation (The) by 3.4% in the 2nd quarter. Commerce Bank now owns 28,326 shares of the bank’s stock worth $1,445,000 after purchasing an additional 931 shares during the period. Hedge funds and other institutional investors own 81.80% of the company’s stock.

BK has been the topic of a number of research reports. Royal Bank Of Canada restated a “hold” rating and issued a $58.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Thursday, August 31st. UBS AG downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 price objective on the stock. in a report on Friday. Bank of America Corporation restated an “underperform” rating and issued a $49.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, May 26th. BidaskClub downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Deutsche Bank AG raised their price objective on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $53.59.

In related news, Vice Chairman Brian T. Shea sold 44,250 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the completion of the transaction, the insider now owns 204,043 shares of the company’s stock, valued at approximately $10,793,874.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Insiders sold 10,931,137 shares of company stock valued at $581,058,723 in the last ninety days. Insiders own 3.60% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “Bank Of New York Mellon Corporation (The) (BK) Position Trimmed by Commerzbank Aktiengesellschaft FI” was first reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this report on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The legal version of this report can be viewed at https://www.thecerbatgem.com/2017/09/12/bank-of-new-york-mellon-corporation-the-bk-position-trimmed-by-commerzbank-aktiengesellschaft-fi.html.

Shares of Bank Of New York Mellon Corporation (BK) opened at 51.53 on Tuesday. The firm has a market cap of $53.24 billion, a price-to-earnings ratio of 15.28 and a beta of 1.14. The firm’s 50-day moving average price is $52.67 and its 200-day moving average price is $49.43. Bank Of New York Mellon Corporation has a 52 week low of $38.68 and a 52 week high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The company had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the previous year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities research analysts expect that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its board has authorized a stock repurchase program on Wednesday, June 28th that allows the company to buyback $3.10 billion in shares. This buyback authorization allows the bank to reacquire up to 5.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

About Bank Of New York Mellon Corporation (The)

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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