Bank of New York Mellon Corp (NYSE:BK) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank
Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 204,444 shares of the bank’s stock after buying an additional 8,110 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Bank of New York Mellon were worth $6,886,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Wealth Quarterback LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $6,405,810,000. Norges Bank acquired a new position in Bank of New York Mellon in the 4th quarter valued at approximately $446,977,000. Goldman Sachs Group Inc. increased its stake in Bank of New York Mellon by 73.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,940,933 shares of the bank’s stock valued at $349,337,000 after buying an additional 2,941,984 shares during the period. Macquarie Group Ltd. increased its stake in Bank of New York Mellon by 12.6% in the 4th quarter. Macquarie Group Ltd. now owns 18,187,866 shares of the bank’s stock valued at $915,395,000 after buying an additional 2,034,774 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in Bank of New York Mellon by 176.4% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 2,686,483 shares of the bank’s stock valued at $135,211,000 after buying an additional 1,714,468 shares during the period. 84.18% of the stock is owned by institutional investors and hedge funds.
Several research analysts have weighed in on the stock. Deutsche Bank dropped their price objective on shares of Bank of New York Mellon from $38.00 to $35.00 and set a “hold” rating on the stock in a research note on Friday. UBS Group decreased their target price on shares of Bank of New York Mellon from $56.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, April 6th. Evercore ISI raised shares of Bank of New York Mellon from an “underperform” rating to an “in-line” rating in a report on Sunday, April 19th. Citigroup decreased their price objective on shares of Bank of New York Mellon from $53.00 to $45.00 and set a “buy” rating for the company in a report on Monday, March 16th. Finally, Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating and set a $37.00 price target for the company. in a report on Tuesday, April 7th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $42.97.
BK opened at $32.06 on Friday. Bank of New York Mellon Corp has a twelve month low of $26.40 and a twelve month high of $51.60. The company has a 50-day simple moving average of $35.13 and a 200 day simple moving average of $43.16. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $31.29 billion, a price-to-earnings ratio of 6.89, a P/E/G ratio of 1.31 and a beta of 1.12.
Bank of New York Mellon (NYSE:BK) last issued its earnings results on Thursday, April 16th. The bank reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.15. The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $3.87 billion. Bank of New York Mellon had a return on equity of 10.59% and a net margin of 21.60%. The business’s quarterly revenue was down 14.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.94 earnings per share. Sell-side analysts anticipate that Bank of New York Mellon Corp will post 3.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 11th. Investors of record on Tuesday, April 28th were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend was Monday, April 27th. Bank of New York Mellon’s payout ratio is presently 30.85%.
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.
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