Resources Management Corp CT ADV Invests $146,000 in Bank of New York Mellon Corp (NYSE:BK)
Resources Management Corp CT ADV bought a new position in Bank of New York Mellon Corp (NYSE:BK) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 3,225 shares of the bank’s stock, valued at approximately $146,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Atwater Malick LLC acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $31,000. Penserra Capital Management LLC purchased a new stake in Bank of New York Mellon in the third quarter valued at $39,000. Mirova acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $41,000. Stonebridge Capital Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $43,000. Finally, Baystate Wealth Management LLC lifted its position in shares of Bank of New York Mellon by 386.0% during the 3rd quarter. Baystate Wealth Management LLC now owns 1,006 shares of the bank’s stock valued at $45,000 after acquiring an additional 799 shares during the period. Institutional investors and hedge funds own 81.98% of the company’s stock.
BK has been the topic of several recent research reports. UBS Group upgraded shares of Bank of New York Mellon from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $46.00 to $55.00 in a research report on Monday, November 11th. Deutsche Bank lifted their target price on shares of Bank of New York Mellon from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday, November 27th. Wolfe Research raised shares of Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 2nd. Credit Suisse Group increased their price target on shares of Bank of New York Mellon from $46.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. lowered their price target 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $49.80.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.08. Bank of New York Mellon had a net margin of 19.31% and a return on equity of 10.57%. The firm had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same period in the previous year, the company posted $1.06 earnings per share. Bank of New York Mellon’s revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts expect that Bank of New York Mellon Corp will post 3.98 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Monday, October 28th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, October 25th. Bank of New York Mellon’s payout ratio is 29.45%.
In other Bank of New York Mellon news, EVP Mitchell E. Harris sold 50,000 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total transaction of $2,230,000.00. Following the completion of the transaction, the executive vice president now directly owns 142,266 shares of the company’s stock, valued at approximately $6,345,063.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.71% of the company’s stock.
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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