Bank of New York Mellon Corp (BK) Shares Bought by Van ECK Associates Corp
Van ECK Associates Corp increased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,450 shares of the bank’s stock after acquiring an additional 239 shares during the period. Van ECK Associates Corp’s holdings in Bank of New York Mellon were worth $586,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lavaca Capital LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $27,000. Essex Savings Bank acquired a new position in Bank of New York Mellon during the 4th quarter worth $35,000. Bruderman Asset Management LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $35,000. Destination Wealth Management lifted its holdings in Bank of New York Mellon by 733.7% during the 4th quarter. Destination Wealth Management now owns 767 shares of the bank’s stock worth $36,000 after buying an additional 675 shares in the last quarter. Finally, Athena Capital Advisors LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $38,000. Institutional investors and hedge funds own 83.92% of the company’s stock.
NYSE:BK traded up $0.12 during trading hours on Friday, hitting $52.88. 1,411,094 shares of the stock were exchanged, compared to its average volume of 4,595,473. Bank of New York Mellon Corp has a twelve month low of $43.67 and a twelve month high of $58.22. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market cap of $49.57 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.48 and a beta of 1.04.
Bank of New York Mellon declared that its board has authorized a share buyback plan on Monday, December 10th that authorizes the company to repurchase $830.00 million in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Several research analysts have issued reports on BK shares. Zacks Investment Research reaffirmed a “hold” rating on shares of Bank of New York Mellon in a report on Monday, December 31st. Credit Suisse Group reduced their price objective on Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, December 7th. ValuEngine raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Tuesday, November 20th. Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $55.00 to $52.00 in a report on Wednesday, January 9th. Finally, Vining Sparks reaffirmed a “buy” rating and set a $55.00 price objective on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Bank of New York Mellon has an average rating of “Hold” and an average target price of $55.38.
In other news, Director Edward P. Garden sold 171,960 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $52.28, for a total value of $8,990,068.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Trian Fund Management, L.P. sold 2,107,000 shares of the stock in a transaction on Monday, January 28th. The shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,713,437 shares of company stock worth $198,594,100. 1.76% of the stock is currently owned by company insiders.
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About Bank of New York Mellon
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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