Meridian Wealth Management LLC Has $459,000 Position in Bank of New York Mellon Corp (BK)

Meridian Wealth Management LLC boosted its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 3.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 9,759 shares of the bank’s stock after buying an additional 310 shares during the quarter. Meridian Wealth Management LLC’s holdings in Bank of New York Mellon were worth $459,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Private Capital Group LLC grew its position in Bank of New York Mellon by 3.6% during the fourth quarter. Private Capital Group LLC now owns 5,628 shares of the bank’s stock valued at $265,000 after buying an additional 197 shares during the period. CWM LLC grew its position in Bank of New York Mellon by 13.3% during the fourth 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 period. Quadrant Capital Group LLC grew its position in Bank of New York Mellon by 6.2% during the fourth 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 period. Reilly Financial Advisors LLC grew its position in Bank of New York Mellon by 13.6% during the fourth quarter. Reilly Financial Advisors LLC now owns 1,893 shares of the bank’s stock valued at $89,000 after buying an additional 226 shares during the period. Finally, Manchester Capital Management LLC grew its position in Bank of New York Mellon by 3.3% during the fourth quarter. Manchester Capital Management LLC now owns 8,950 shares of the bank’s stock valued at $483,000 after buying an additional 282 shares during the period. Institutional investors own 84.45% of the company’s stock.

Shares of NYSE BK traded up $0.07 during trading on Monday, hitting $51.90. The company had a trading volume of 10,831 shares, compared to its average volume of 5,216,346. Bank of New York Mellon Corp has a fifty-two week low of $43.67 and a fifty-two week high of $58.67. The firm has a market cap of $51.25 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.47 and a beta of 1.03. The company has a quick ratio of 0.69, a current ratio of 0.70 and a debt-to-equity ratio of 0.87.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.01 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business earned $0.91 earnings per share. The company’s revenue for the quarter was up 7.5% compared to the same quarter last year. Equities research analysts anticipate that Bank of New York Mellon Corp will post 4.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, February 8th. Stockholders of record on Monday, January 28th were given a $0.28 dividend. The ex-dividend date of this dividend was Friday, January 25th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. Bank of New York Mellon’s dividend payout ratio (DPR) is 26.60%.

Bank of New York Mellon declared that its board has authorized a stock buyback program on Monday, December 10th that allows the company to repurchase $830.00 million in outstanding shares. This repurchase authorization allows the bank to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Several analysts recently commented on the stock. Credit Suisse Group dropped their price target on shares of Bank of New York Mellon from $58.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, December 7th. Vining Sparks reiterated a “buy” rating and issued a $55.00 target price on shares of Bank of New York Mellon in a research report on Wednesday, January 23rd. Citigroup lowered shares of Bank of New York Mellon from a “buy” rating to a “neutral” rating and dropped their target price for the company from $55.00 to $52.00 in a research report on Wednesday, January 9th. Zacks Investment Research upgraded 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 lowered shares of Bank of New York Mellon from a “market perform” rating to an “underperform” rating and dropped their target price for the company from $55.00 to $49.00 in a research 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. The company presently 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 the firm’s 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Edward P. Garden sold 1,400,000 shares of the firm’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $53.64, for a total transaction of $75,096,000.00. The disclosure for this sale can be found here. 1.76% of the stock is owned by company insiders.

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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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