Accredited Investors Inc. Takes $822,000 Position in Bank of New York Mellon Corp (BK)

Accredited Investors Inc. purchased a new stake in shares of Bank of New York Mellon Corp (NYSE:BK) during the first quarter, HoldingsChannel reports. The institutional investor purchased 16,291 shares of the bank’s stock, valued at approximately $822,000.

Several other large investors have also recently bought and sold shares of BK. Private Capital Group LLC grew its stake in shares of Bank of New York Mellon by 3.6% in the 4th quarter. Private Capital Group LLC now owns 5,628 shares of the bank’s stock worth $265,000 after buying an additional 197 shares in the last quarter. CWM LLC grew its position in Bank of New York Mellon by 13.3% in the 4th quarter. CWM LLC now owns 1,728 shares of the bank’s stock valued at $81,000 after buying an additional 203 shares during the last quarter. Marathon Capital Management grew its position in Bank of New York Mellon by 1.9% in the 4th quarter. Marathon Capital Management now owns 11,040 shares of the bank’s stock valued at $519,000 after buying an additional 210 shares during the last quarter. Highstreet Asset Management Inc. grew its position in Bank of New York Mellon by 1.9% in the 4th quarter. Highstreet Asset Management Inc. now owns 11,558 shares of the bank’s stock valued at $544,000 after buying an additional 216 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in Bank of New York Mellon by 6.2% in the 4th quarter. Quadrant Capital Group LLC now owns 3,792 shares of the bank’s stock valued at $168,000 after buying an additional 223 shares during the last quarter. Hedge funds and other institutional investors own 87.61% of the company’s stock.

BK stock traded down $4.27 during trading on Wednesday, hitting $49.17. The stock had a trading volume of 5,790,082 shares, compared to its average volume of 4,481,753. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $50.22 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.50 and a beta of 1.03. Bank of New York Mellon Corp has a 1-year low of $43.67 and a 1-year high of $58.22.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, April 17th. The bank reported $0.94 EPS for the quarter, missing the consensus estimate of $0.96 by ($0.02). The business had revenue of $3.90 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The firm’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.10 EPS. As a group, research analysts predict that Bank of New York Mellon Corp will post 4.25 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 10th. Shareholders of record on Monday, April 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.28%. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.60%.

In other Bank of New York Mellon news, Director Edward P. Garden sold 1,336 shares of Bank of New York Mellon stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $52.00, for a total value of $69,472.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 shares were sold at an average price of $53.48, for a total value of $112,682,360.00. The disclosure for this sale can be found here. Insiders sold a total of 3,713,437 shares of company stock valued at $198,594,100 in the last 90 days. 1.71% of the stock is owned by company insiders.

BK has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Wednesday, December 19th. Citigroup downgraded shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and cut their target price for the company from $55.00 to $52.00 in a research note on Wednesday, January 9th. Vining Sparks reissued a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Finally, Deutsche Bank boosted their target price on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. Bank of New York Mellon has an average rating of “Hold” and a consensus price target of $56.14.

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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.

Further Reading: Trading based on a resistance level

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

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