NorthCoast Asset Management LLC purchased a new position in The Bank of New York Mellon Co. (NYSE:BK) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 17,767 shares of the bank’s stock, valued at approximately $610,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of BK. AQR Capital Management LLC raised its holdings in shares of The Bank of New York Mellon by 432.5% during the second quarter. AQR Capital Management LLC now owns 4,765,559 shares of the bank’s stock worth $178,470,000 after purchasing an additional 3,870,637 shares during the last quarter. Man Group plc raised its holdings in shares of The Bank of New York Mellon by 147.5% during the second quarter. Man Group plc now owns 4,671,209 shares of the bank’s stock worth $180,542,000 after purchasing an additional 2,783,938 shares during the last quarter. AJO LP raised its holdings in shares of The Bank of New York Mellon by 498.5% during the second quarter. AJO LP now owns 3,220,465 shares of the bank’s stock worth $124,470,000 after purchasing an additional 2,682,416 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in shares of The Bank of New York Mellon by 24.5% during the second quarter. Nuveen Asset Management LLC now owns 9,686,479 shares of the bank’s stock worth $374,382,000 after purchasing an additional 1,904,569 shares during the last quarter. Finally, Jupiter Asset Management Ltd. purchased a new position in shares of The Bank of New York Mellon during the third quarter worth $64,022,000. 76.73% of the stock is owned by institutional investors and hedge funds.

BK opened at $37.88 on Friday. The firm has a market capitalization of $33.57 billion, a PE ratio of 8.31, a PEG ratio of 1.26 and a beta of 1.03. The Bank of New York Mellon Co. has a twelve month low of $26.40 and a twelve month high of $51.60. The firm’s 50-day moving average price is $36.75 and its 200 day moving average price is $36.69. The company has a current ratio of 0.65, a quick ratio of 0.65 and a debt-to-equity ratio of 0.65.

The Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 16th. The bank reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.83 billion. The Bank of New York Mellon had a net margin of 23.09% and a return on equity of 9.89%. The Bank of New York Mellon’s quarterly revenue was down .4% on a year-over-year basis. During the same period in the previous year, the business posted $1.07 earnings per share. As a group, analysts predict that The Bank of New York Mellon Co. will post 3.95 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 10th. Shareholders of record on Wednesday, October 28th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, October 27th. This represents a $1.24 annualized dividend and a yield of 3.27%. The Bank of New York Mellon’s payout ratio is 30.85%.

Several brokerages recently issued reports on BK. Morgan Stanley cut shares of The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. They noted that the move was a valuation call. Keefe, Bruyette & Woods cut shares of The Bank of New York Mellon from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $47.00 to $43.00 in a report on Wednesday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut shares of The Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Tuesday, November 10th. Deutsche Bank Aktiengesellschaft raised shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating and lifted their price objective for the company from $39.00 to $46.00 in a report on Wednesday, November 11th. Finally, UBS Group cut their price objective on shares of The Bank of New York Mellon from $43.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, October 6th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $44.56.

About The Bank of New York Mellon

The Bank of New York Mellon Corporation provides a range of financial products and services to in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. The Investment Service segment offers custody, accounting, exchange-traded funds services, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, brokerage and data analytics, clearing, trading, investment, wealth and retirement solutions, technology and enterprise data management, corporate trust, depositary receipts, payments, receivables processing and payables management, trade finance and processing, and collateral management services.

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

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