Mycio Wealth Partners LLC Sells 450 Shares of Bank of New York Mellon Corp (NYSE:BK)

Mycio Wealth Partners LLC cut its holdings in Bank of New York Mellon Corp (NYSE:BK) by 7.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,754 shares of the bank’s stock after selling 450 shares during the period. Mycio Wealth Partners LLC’s holdings in Bank of New York Mellon were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of BK. Geode Capital Management LLC increased its position in Bank of New York Mellon by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 10,721,814 shares of the bank’s stock worth $503,675,000 after buying an additional 655,356 shares during the period. Meeder Asset Management Inc. increased its position in shares of Bank of New York Mellon by 27.7% in the first quarter. Meeder Asset Management Inc. now owns 5,760 shares of the bank’s stock worth $290,000 after purchasing an additional 1,250 shares during the period. Financial Gravity Wealth Inc. bought a new position in shares of Bank of New York Mellon in the first quarter worth $41,000. Investors Research Corp bought a new position in shares of Bank of New York Mellon in the first quarter worth $117,000. Finally, BB&T Corp increased its position in shares of Bank of New York Mellon by 28.3% in the first quarter. BB&T Corp now owns 20,833 shares of the bank’s stock worth $1,051,000 after purchasing an additional 4,599 shares during the period. Hedge funds and other institutional investors own 82.60% of the company’s stock.

In other Bank of New York Mellon news, Vice Chairman William M. Daley bought 11,350 shares of the firm’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the completion of the transaction, the insider now directly owns 5,700 shares in the company, valued at approximately $256,101. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the transaction, the insider now owns 539,052 shares in the company, valued at approximately $25,184,509.44. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.

Shares of NYSE BK traded down $0.04 during mid-day trading on Thursday, reaching $41.90. The company had a trading volume of 68,583 shares, compared to its average volume of 4,997,415. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.71 and a current ratio of 0.71. Bank of New York Mellon Corp has a one year low of $41.42 and a one year high of $54.27. The firm has a market cap of $40.27 billion, a price-to-earnings ratio of 9.95, a PEG ratio of 1.32 and a beta of 1.07. The business’s 50-day simple moving average is $44.77 and its 200 day simple moving average is $47.89.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.92 billion. During the same quarter in the previous year, the business posted $1.03 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, sell-side analysts anticipate that Bank of New York Mellon Corp will post 3.94 EPS for the current year.

Bank of New York Mellon declared that its board has initiated a share buyback plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Monday, July 29th were given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Friday, July 26th. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s payout ratio is currently 29.45%.

BK has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. UBS Group decreased their price target on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 26th. Deutsche Bank decreased their price target on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday. Morgan Stanley set a $41.00 price target on Bank of New York Mellon and gave the stock a “sell” rating in a research report on Friday, August 9th. Finally, ValuEngine cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $49.73.

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.

Read More: Bond

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corp (NYSE:BK).

Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.