DNB Asset Management AS lowered its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 6.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 119,763 shares of the bank’s stock after selling 8,204 shares during the quarter. DNB Asset Management AS’s holdings in Bank of New York Mellon were worth $6,107,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $102,000. Quad Cities Investment Group LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $102,000. Kaizen Advisory LLC boosted its holdings in shares of Bank of New York Mellon by 157.6% in the 2nd quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after purchasing an additional 1,565 shares during the last quarter. Ostrum Asset Management acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at $148,000. Finally, Flagship Harbor Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $172,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating and set a $57.00 target price on the stock in a research note on Monday, September 17th. Raymond James downgraded shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 12th. Keefe, Bruyette & Woods set a $56.00 target price on shares of Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, July 19th. Deutsche Bank raised their target price on shares of Bank of New York Mellon from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, September 27th. Finally, ValuEngine downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Friday, July 20th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $58.58.

Bank of New York Mellon stock opened at $49.10 on Friday. Bank of New York Mellon Corp has a 12-month low of $48.25 and a 12-month high of $58.99. The firm has a market cap of $50.99 billion, a P/E ratio of 13.64, a PEG ratio of 1.59 and a beta of 1.05. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a net margin of 25.08% and a return on equity of 11.40%. The firm had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts expect that Bank of New York Mellon Corp will post 4.18 EPS for the current fiscal year.

Bank of New York Mellon announced that its board has initiated a stock buyback program on Thursday, June 28th that permits the company to buyback $2.40 billion in outstanding shares. This buyback authorization permits the bank to buy up to 4.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

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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