Berkshire Asset Management LLC PA lessened its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 31.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 5,797 shares of the bank’s stock after selling 2,615 shares during the period. Berkshire Asset Management LLC PA’s holdings in Bank of New York Mellon were worth $296,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Rowland & Co. Investment Counsel ADV purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $102,000. Quad Cities Investment Group LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $102,000. Kaizen Advisory LLC lifted its position in shares of Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after acquiring an additional 1,565 shares in the last quarter. Ostrum Asset Management purchased a new position in shares of Bank of New York Mellon in the first quarter valued at about $148,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $172,000. 83.40% of the stock is owned by institutional investors and hedge funds.

NYSE:BK opened at $49.10 on Friday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. The stock has a market capitalization of $50.99 billion, a P/E ratio of 13.79, a PEG ratio of 1.59 and a beta of 1.05. Bank of New York Mellon Corp has a 12 month low of $48.25 and a 12 month high of $58.99.

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

Bank of New York Mellon announced that its board has approved a share repurchase program on Thursday, June 28th that permits the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization permits the bank to repurchase up to 4.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Several equities analysts have recently commented on the company. Vining Sparks restated a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research report on Tuesday. Deutsche Bank boosted their price objective on Bank of New York Mellon from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Tuesday, September 25th. Wolfe Research assumed coverage on Bank of New York Mellon in a research report on Tuesday, September 25th. They issued an “underperform” rating on the stock. Finally, ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.58.

Bank of New York Mellon Profile

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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