Klingenstein Fields & Co. LLC Decreases Holdings in Bank of New York Mellon Corp (NYSE:BK)

Klingenstein Fields & Co. LLC lessened its stake in Bank of New York Mellon Corp (NYSE:BK) by 1.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 127,355 shares of the bank’s stock after selling 1,809 shares during the quarter. Klingenstein Fields & Co. LLC’s holdings in Bank of New York Mellon were worth $5,995,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Lavaca Capital LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth $27,000. Ipswich Investment Management Co. Inc. bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $40,000. CX Institutional bought a new position in Bank of New York Mellon in the fourth quarter valued at about $104,000. Girard Partners LTD. purchased a new stake in shares of Bank of New York Mellon during the 3rd quarter worth approximately $120,000. Finally, CKW Financial Group grew its stake in shares of Bank of New York Mellon by 12.5% during the 4th quarter. CKW Financial Group now owns 2,700 shares of the bank’s stock worth $127,000 after purchasing an additional 300 shares during the period. 84.45% of the stock is owned by hedge funds and other institutional investors.

NYSE:BK opened at $52.43 on Thursday. Bank of New York Mellon Corp has a twelve month low of $43.67 and a twelve month high of $58.67. The company has a current ratio of 0.70, a quick ratio of 0.69 and a debt-to-equity ratio of 0.87. The company has a market cap of $51.25 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.47 and a beta of 1.03.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.07. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The company had revenue of $4.01 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the business earned $0.91 EPS. Bank of New York Mellon’s quarterly revenue was up 7.5% compared to the same quarter last year. Research analysts forecast that Bank of New York Mellon Corp will post 4.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, February 8th. Stockholders of record on Monday, January 28th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, January 25th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.14%. Bank of New York Mellon’s payout ratio is 26.60%.

Bank of New York Mellon announced that its Board of Directors has authorized a share repurchase plan on Monday, December 10th that authorizes the company to buyback $830.00 million in shares. This buyback authorization authorizes the bank to reacquire up to 1.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

BK has been the subject of several recent analyst reports. Credit Suisse Group decreased their target price on shares of Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, December 7th. Vining Sparks reissued a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a report on Wednesday, January 23rd. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and reduced their price target for the company from $55.00 to $52.00 in a research note on Wednesday, January 9th. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, January 21st. Finally, Keefe, Bruyette & Woods downgraded Bank of New York Mellon from a “market perform” rating to an “underperform” rating and lowered their price target for the stock from $55.00 to $49.00 in a report on Friday, October 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $55.00.

In other news, Director Trian Fund Management, L.P. sold 2,107,000 shares of Bank of New York Mellon stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $53.48, for a total transaction of $112,682,360.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Edward P. Garden sold 1,400,000 shares of Bank of New York Mellon stock in a transaction on Friday, January 25th. The stock was sold at an average price of $53.64, for a total value of $75,096,000.00. The disclosure for this sale can be found here. Insiders own 1.76% of the company’s stock.

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Bank of New York Mellon Company 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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