Traders Sell Shares of Bank Of New York Mellon Corp. (BK) on Strength (BK)
Traders sold shares of Bank Of New York Mellon Corp. (NYSE:BK) on strength during trading hours on Friday. $11.50 million flowed into the stock on the tick-up and $27.89 million flowed out of the stock on the tick-down, for a money net flow of $16.39 million out of the stock. Of all companies tracked, Bank Of New York Mellon Corp. had the 0th highest net out-flow for the day. Bank Of New York Mellon Corp. traded up $0.01 for the day and closed at $40.25
Several research analysts have recently weighed in on BK shares. Buckingham Research restated a “buy” rating on shares of Bank Of New York Mellon Corp. in a report on Tuesday, June 21st. Deutsche Bank AG restated a “buy” rating and set a $50.00 target price on shares of Bank Of New York Mellon Corp. in a report on Sunday, June 5th. Credit Suisse Group AG restated a “hold” rating on shares of Bank Of New York Mellon Corp. in a report on Tuesday, June 28th. Zacks Investment Research cut Bank Of New York Mellon Corp. from a “buy” rating to a “hold” rating in a report on Thursday, June 2nd. Finally, Jefferies Group lowered their target price on Bank Of New York Mellon Corp. from $41.00 to $38.00 and set a “hold” rating on the stock in a report on Monday, July 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $44.80.
The company has a market cap of $42.97 billion and a price-to-earnings ratio of 14.44. The firm has a 50 day moving average price of $39.39 and a 200-day moving average price of $38.61.
Bank Of New York Mellon Corp. (NYSE:BK) last posted its earnings results on Thursday, July 21st. The company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.01. The business had revenue of $3.78 billion for the quarter, compared to analyst estimates of $3.79 billion. The business’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.73 EPS. On average, equities research analysts forecast that Bank Of New York Mellon Corp. will post $3.03 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 12th. Investors of record on Tuesday, August 2nd were issued a dividend of $0.19 per share. The ex-dividend date of this dividend was Friday, July 29th. This represents a $0.76 annualized dividend and a dividend yield of 1.89%.
In other Bank Of New York Mellon Corp. news, Director Trian Fund Management, L.P. bought 370,000 shares of Bank Of New York Mellon Corp. stock in a transaction that occurred on Monday, June 6th. The shares were acquired at an average price of $42.39 per share, for a total transaction of $15,684,300.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.
Other large investors have recently added to or reduced their stakes in the company. King Luther Capital Management Corp increased its stake in Bank Of New York Mellon Corp. by 0.3% in the fourth quarter. King Luther Capital Management Corp now owns 54,469 shares of the company’s stock valued at $2,245,000 after buying an additional 175 shares during the period. Airain ltd purchased a new stake in Bank Of New York Mellon Corp. during the fourth quarter valued at about $2,781,000. Schwab Charles Investment Management Inc. increased its stake in Bank Of New York Mellon Corp. by 2.8% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 2,855,924 shares of the company’s stock valued at $117,722,000 after buying an additional 78,998 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Bank Of New York Mellon Corp. by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,603,716 shares of the company’s stock valued at $272,206,000 after buying an additional 174,940 shares during the period.
The Bank of New York Mellon Corporation (BNY Mellon) is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes credit-related services; the leasing portfolio; corporate treasury activities, including its investment securities portfolio; its equity interest in ConvergEx Group; business exits, and corporate overhead.
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