Fort Pitt Capital Group LLC Reduces Position in Bank Of New York Mellon Corporation (The) (NYSE:BK)

Fort Pitt Capital Group LLC reduced its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 154,984 shares of the bank’s stock after selling 2,413 shares during the period. Fort Pitt Capital Group LLC’s holdings in Bank Of New York Mellon Corporation (The) were worth $7,320,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Bronfman E.L. Rothschild L.P. increased its stake in Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock worth $104,000 after buying an additional 92 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at $111,000. Hudock Capital Group LLC boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock valued at $120,000 after buying an additional 7 shares during the last quarter. QCI Asset Management Inc. NY bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at $125,000. Finally, Quadrant Capital Group LLC boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,726 shares of the bank’s stock valued at $167,000 after buying an additional 94 shares during the last quarter. Institutional investors and hedge funds own 82.03% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE:BK) traded down 1.02% during mid-day trading on Friday, reaching $53.36. The company’s stock had a trading volume of 5,665,977 shares. The company’s 50-day moving average price is $50.40 and its 200 day moving average price is $47.78. The firm has a market capitalization of $55.49 billion, a price-to-earnings ratio of 16.41 and a beta of 1.14. Bank Of New York Mellon Corporation has a 52 week low of $38.53 and a 52 week high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.76 earnings per share. On average, equities analysts forecast that Bank Of New York Mellon Corporation will post $3.51 earnings per share for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its board has initiated a stock buyback program on Wednesday, June 28th that permits the company to buyback $3.10 billion in shares. This buyback authorization permits the bank to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st will be paid a $0.24 dividend. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.96 annualized dividend and a dividend yield of 1.80%. Bank Of New York Mellon Corporation (The)’s payout ratio is 22.49%.

WARNING: “Fort Pitt Capital Group LLC Reduces Position in Bank Of New York Mellon Corporation (The) (NYSE:BK)” was first published by BBNS and is the property of of BBNS. If you are viewing this piece on another publication, it was copied illegally and reposted in violation of U.S. and international trademark & copyright legislation. The original version of this piece can be read at https://baseballnewssource.com/markets/fort-pitt-capital-group-llc-has-7-32-million-stake-in-bank-of-new-york-mellon-corporation-the-nysebk-updated/1179624.html.

BK has been the topic of several analyst reports. Rafferty Capital Markets reissued a “buy” rating and set a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Bank of America Corporation reissued an “underperform” rating and set a $49.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, May 26th. Royal Bank Of Canada reissued a “hold” rating and set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 4th. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Tuesday, July 4th. Finally, Deutsche Bank AG upped their target price on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) presently has a consensus rating of “Hold” and a consensus price target of $52.00.

In other news, Vice Chairman Thomas P. Gibbons sold 102,174 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Monday, April 24th. The shares were sold at an average price of $47.71, for a total transaction of $4,874,721.54. Following the completion of the sale, the insider now directly owns 271,416 shares of the company’s stock, valued at approximately $12,949,257.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP J Kevin Mccarthy sold 10,000 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.64, for a total transaction of $476,400.00. Following the sale, the executive vice president now directly owns 100,487 shares of the company’s stock, valued at $4,787,200.68. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.

About Bank Of New York Mellon Corporation (The)

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

Receive News & Ratings for Bank Of New York Mellon Corporation (The) 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 Corporation (The) and related companies with our FREE daily email newsletter.

 


Latest News

Chris Sale Reaches 200 Strikeouts in Record Time
Chris Sale Reaches 200 Strikeouts in Record Time
Veteran Pitcher Bartolo Colon Considering Retirement
Veteran Pitcher Bartolo Colon Considering Retirement
Todd Frazier Traded to Yankees for Blake Rutherford and Others
Todd Frazier Traded to Yankees for Blake Rutherford and Others
Tigers Would Include Cash in Verlander Deal and Other MLB Trade Rumors
Tigers Would Include Cash in Verlander Deal and Other MLB Trade Rumors
Todd Frazier Trade to Boston Appears to Be Decided
Todd Frazier Trade to Boston Appears to Be Decided
Chicago White Sox Continue Rebuild Without Jose Quintana
Chicago White Sox Continue Rebuild Without Jose Quintana


Leave a Reply

 
© 2006-2017 BBNS.