Bank of New York Mellon Corp (BK) Shares Sold by Private Management Group Inc.

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Private Management Group Inc. lessened its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 19.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 333,806 shares of the bank’s stock after selling 79,721 shares during the quarter. Private Management Group Inc.’s holdings in Bank of New York Mellon were worth $17,201,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Patten Group Inc. boosted its holdings in shares of Bank of New York Mellon by 44.4% in the 1st quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock worth $124,000 after purchasing an additional 900 shares during the period. FDx Advisors Inc. boosted its holdings in shares of Bank of New York Mellon by 1.9% in the 1st quarter. FDx Advisors Inc. now owns 50,576 shares of the bank’s stock worth $2,606,000 after purchasing an additional 930 shares during the period. Canandaigua National Bank & Trust Co. boosted its holdings in shares of Bank of New York Mellon by 14.1% in the 1st quarter. Canandaigua National Bank & Trust Co. now owns 7,710 shares of the bank’s stock worth $397,000 after purchasing an additional 950 shares during the period. CLS Investments LLC boosted its holdings in shares of Bank of New York Mellon by 3.3% in the 4th quarter. CLS Investments LLC now owns 32,497 shares of the bank’s stock worth $1,750,000 after purchasing an additional 1,048 shares during the period. Finally, HM Payson & Co. boosted its holdings in shares of Bank of New York Mellon by 5.9% in the 4th quarter. HM Payson & Co. now owns 19,718 shares of the bank’s stock worth $1,062,000 after purchasing an additional 1,090 shares during the period. Institutional investors and hedge funds own 82.08% of the company’s stock.

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 4,701 shares of Bank of New York Mellon stock in a transaction on Friday, May 11th. The stock was sold at an average price of $57.44, for a total transaction of $270,025.44. Following the completion of the sale, the insider now directly owns 16,487 shares of the company’s stock, valued at approximately $947,013.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mitchell E. Harris sold 48,000 shares of Bank of New York Mellon stock in a transaction on Monday, April 23rd. The shares were sold at an average price of $56.00, for a total value of $2,688,000.00. Following the sale, the insider now directly owns 166,810 shares of the company’s stock, valued at $9,341,360. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,701 shares of company stock valued at $3,796,375. 1.76% of the stock is currently owned by corporate insiders.

BK has been the subject of a number of recent research reports. Deutsche Bank lifted their target price on Bank of New York Mellon from $64.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, March 6th. Bank of America upgraded Bank of New York Mellon from an “underperform” rating to a “neutral” rating and set a $52.00 target price for the company in a report on Wednesday, March 7th. Keefe, Bruyette & Woods set a $57.00 target price on Bank of New York Mellon and gave the stock a “hold” rating in a report on Thursday, March 8th. Goldman Sachs Group cut Bank of New York Mellon from a “buy” rating to a “neutral” rating in a report on Monday, March 12th. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $65.00 to $66.00 and gave the stock an “overweight” rating in a report on Monday, March 12th. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $58.32.

Shares of BK stock opened at $56.75 on Friday. Bank of New York Mellon Corp has a 52-week low of $49.01 and a 52-week high of $58.99. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $57.76 billion, a P/E ratio of 15.76, a price-to-earnings-growth ratio of 1.73 and a beta of 1.20.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Thursday, April 19th. The bank reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.14. The firm had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.04 billion. Bank of New York Mellon had a return on equity of 11.27% and a net margin of 25.20%. Bank of New York Mellon’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the company earned $0.83 EPS. research analysts expect that Bank of New York Mellon Corp will post 4.27 EPS for the current year.

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.

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

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