The Bank of New York Mellon (NYSE:BK) saw a large drop in short interest in the month of March. As of March 29th, there was short interest totalling 13,972,216 shares, a drop of 22.3% from the March 15th total of 17,977,300 shares. Approximately 1.4% of the shares of the company are sold short. Based on an average trading volume of 5,992,160 shares, the short-interest ratio is currently 2.3 days.

Shares of BK opened at $51.99 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $52,072.75, a PE ratio of 14.44, a P/E/G ratio of 1.65 and a beta of 1.22. The Bank of New York Mellon has a 52-week low of $45.88 and a 52-week high of $58.99.

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The Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, January 18th. The bank reported $0.91 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.91. The business had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $4.01 billion. The Bank of New York Mellon had a net margin of 24.72% and a return on equity of 10.69%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.77 EPS. equities research analysts forecast that The Bank of New York Mellon will post 4.03 EPS for the current fiscal year.

BK has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Wednesday, December 20th. Barclays raised their target price on shares of The Bank of New York Mellon from $55.00 to $66.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. Vining Sparks restated a “buy” rating and issued a $62.00 target price on shares of The Bank of New York Mellon in a research note on Monday, January 8th. Citigroup upgraded shares of The Bank of New York Mellon from a “neutral” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Wednesday, January 10th. Finally, Sandler O’Neill restated a “hold” rating and issued a $58.00 target price on shares of The Bank of New York Mellon in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. The Bank of New York Mellon currently has an average rating of “Hold” and an average target price of $57.53.

In other news, Director Trian Fund Management, L.P. bought 360,000 shares of The Bank of New York Mellon stock in a transaction dated Friday, March 9th. The stock was bought at an average price of $56.67 per share, for a total transaction of $20,401,200.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Bridget E. Engle sold 38,928 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $56.62, for a total transaction of $2,204,103.36. Following the completion of the sale, the insider now owns 68,046 shares of the company’s stock, valued at approximately $3,852,764.52. The disclosure for this sale can be found here. 1.76% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in BK. Vestpro Financial Partners Inc. dba CPF Texas purchased a new position in The Bank of New York Mellon during the 4th quarter valued at about $120,000. Rowland & Co. Investment Counsel ADV purchased a new position in The Bank of New York Mellon during the 4th quarter valued at about $124,000. Taylor Hoffman Wealth Management purchased a new position in The Bank of New York Mellon during the 4th quarter valued at about $144,000. Sawyer & Company Inc purchased a new position in The Bank of New York Mellon during the 4th quarter valued at about $164,000. Finally, Delpha Capital Management LLC purchased a new position in The Bank of New York Mellon during the 4th quarter valued at about $166,000. Institutional investors and hedge funds own 84.13% of the company’s stock.

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About The 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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