Sageworth Trust Co cut its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 70.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,200 shares of the bank’s stock after selling 2,895 shares during the quarter. Sageworth Trust Co’s holdings in Bank of New York Mellon were worth $61,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Lavaca Capital LLC purchased a new stake in Bank of New York Mellon in the fourth quarter worth $27,000. Berman Capital Advisors LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at $33,000. Sontag Advisory LLC purchased a new position in Bank of New York Mellon during the 4th quarter valued at $33,000. Valley National Advisers Inc. raised its holdings in Bank of New York Mellon by 76.5% in the 4th quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares in the last quarter. Finally, Essex Savings Bank purchased a new stake in shares of Bank of New York Mellon in the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 87.60% of the company’s stock.
NYSE:BK traded up $0.02 during trading hours on Monday, reaching $51.20. 397,985 shares of the company traded hands, compared to its average volume of 4,575,894. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.87. Bank of New York Mellon Corp has a 1 year low of $43.67 and a 1 year high of $58.22. The stock has a market capitalization of $48.87 billion, a price-to-earnings ratio of 12.15, a PEG ratio of 1.46 and a beta of 1.03.
Bank of New York Mellon announced that its board has approved a stock repurchase plan on Monday, December 10th that allows the company to buyback $830.00 million in outstanding shares. This buyback authorization allows the bank to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Edward P. Garden sold 1,336 shares of the company’s stock in a transaction that occurred on 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 SEC, which is available through the SEC website. Also, VP Bridget E. Engle sold 22,670 shares of the stock in a transaction on Friday, February 15th. The shares were sold at an average price of $52.99, for a total value of $1,201,283.30. Following the sale, the vice president now owns 92,150 shares in the company, valued at $4,883,028.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,713,437 shares of company stock worth $198,594,100. Insiders own 1.71% of the company’s stock.
Several brokerages recently issued reports on BK. Deutsche Bank boosted their price target on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Vining Sparks reaffirmed a “buy” rating and issued a $55.00 price target on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, January 21st. Finally, Citigroup downgraded Bank of New York Mellon from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $52.00 in a report on Wednesday, January 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. Bank of New York Mellon currently has a consensus rating of “Hold” and an average price target of $55.88.
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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