Bridge Creek Capital Management LLC Reduces Stock Position in Bank of New York Mellon Corp (NYSE:BK)

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Bridge Creek Capital Management LLC cut its stake in Bank of New York Mellon Corp (NYSE:BK) by 4.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 19,554 shares of the bank’s stock after selling 842 shares during the period. Bridge Creek Capital Management LLC’s holdings in Bank of New York Mellon were worth $671,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BK. Wellington Management Group LLP increased its holdings in Bank of New York Mellon by 60.2% in the first quarter. Wellington Management Group LLP now owns 279,707 shares of the bank’s stock valued at $9,421,000 after buying an additional 105,110 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Bank of New York Mellon by 10.5% in the first quarter. Mackenzie Financial Corp now owns 22,904 shares of the bank’s stock valued at $771,000 after buying an additional 2,180 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Bank of New York Mellon by 267.0% in the first quarter. Thrivent Financial for Lutherans now owns 140,371 shares of the bank’s stock valued at $4,728,000 after buying an additional 102,121 shares in the last quarter. Maverick Capital Ltd. purchased a new position in Bank of New York Mellon in the first quarter valued at about $1,432,000. Finally, FinTrust Capital Advisors LLC increased its holdings in Bank of New York Mellon by 253.2% in the first quarter. FinTrust Capital Advisors LLC now owns 3,560 shares of the bank’s stock valued at $120,000 after buying an additional 2,552 shares in the last quarter. 82.08% of the stock is owned by institutional investors.

Shares of BK traded up $0.79 during mid-day trading on Friday, reaching $38.02. The company had a trading volume of 7,351,541 shares, compared to its average volume of 5,911,487. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.74. The stock has a market cap of $33.68 billion, a price-to-earnings ratio of 8.18, a price-to-earnings-growth ratio of 1.20 and a beta of 1.04. The firm has a fifty day simple moving average of $35.87 and a 200-day simple moving average of $36.47. Bank of New York Mellon Corp has a fifty-two week low of $26.40 and a fifty-two week high of $51.60.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 16th. The bank reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.04. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $3.83 billion. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 10.34%. The business’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.07 EPS. As a group, equities analysts predict that Bank of New York Mellon Corp will post 3.93 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Investors of record on Wednesday, October 28th will be issued a dividend of $0.31 per share. The ex-dividend date is Tuesday, October 27th. This represents a $1.24 annualized dividend and a dividend yield of 3.26%. Bank of New York Mellon’s payout ratio is 30.85%.

A number of research analysts have recently weighed in on BK shares. Citigroup dropped their price objective on shares of Bank of New York Mellon from $47.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, July 17th. Jefferies Financial Group raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price objective for the stock from $40.00 to $45.00 in a research note on Wednesday, July 8th. Bank of America raised their price objective on shares of Bank of New York Mellon from $40.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, July 10th. ValuEngine raised shares of Bank of New York Mellon from a “strong sell” rating to a “sell” rating in a research note on Monday, July 20th. Finally, Morgan Stanley dropped their price objective on shares of Bank of New York Mellon from $42.00 to $38.00 and set an “underweight” rating for the company in a research note on Monday, October 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $44.56.

In related news, EVP Mitchell E. Harris sold 35,000 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of $35.75, for a total transaction of $1,251,250.00. Following the transaction, the executive vice president now owns 145,425 shares in the company, valued at approximately $5,198,943.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.12% of the company’s stock.

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

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