Bank of New York Mellon Corp (BK) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 34.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,783 shares of the bank’s stock after selling 8,762 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Bank of New York Mellon were worth $790,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BK. Lindbrook Capital LLC bought a new position in Bank of New York Mellon in the fourth quarter worth approximately $80,000. Hudson Capital Management LLC increased its stake in shares of Bank of New York Mellon by 10.1% in the fourth quarter. Hudson Capital Management LLC now owns 11,494 shares of the bank’s stock worth $541,000 after purchasing an additional 1,053 shares in the last quarter. Alexandria Capital LLC increased its stake in shares of Bank of New York Mellon by 14.9% in the third quarter. Alexandria Capital LLC now owns 68,476 shares of the bank’s stock worth $3,491,000 after purchasing an additional 8,888 shares in the last quarter. Cypress Capital Management LLC increased its stake in shares of Bank of New York Mellon by 3.1% in the third quarter. Cypress Capital Management LLC now owns 184,685 shares of the bank’s stock worth $9,417,000 after purchasing an additional 5,620 shares in the last quarter. Finally, Palo Capital Inc. increased its stake in shares of Bank of New York Mellon by 2.6% in the fourth quarter. Palo Capital Inc. now owns 11,610 shares of the bank’s stock worth $546,000 after purchasing an additional 295 shares in the last quarter. Institutional investors own 83.92% of the company’s stock.

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In other Bank of New York Mellon news, CEO Charles W. Scharf sold 4,674 shares of Bank of New York Mellon stock in a transaction on Friday, February 15th. The shares were sold at an average price of $52.99, for a total value of $247,675.26. Following the completion of the transaction, the chief executive officer now directly owns 304,118 shares of the company’s stock, valued at approximately $16,115,212.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Edward P. Garden sold 171,960 shares of Bank of New York Mellon stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $52.28, for a total transaction of $8,990,068.80. 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 over the last three months. Corporate insiders own 1.76% of the company’s stock.

BK has been the subject of a number of analyst reports. Zacks Investment Research cut shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Wednesday, December 19th. Deutsche Bank reduced their price objective on shares of Bank of New York Mellon from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, November 16th. ValuEngine raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Tuesday, November 20th. Citigroup cut 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. Finally, Vining Sparks reaffirmed a “buy” rating and set a $55.00 target price on shares of Bank of New York Mellon in a research note on Wednesday, January 23rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. Bank of New York Mellon has a consensus rating of “Hold” and a consensus target price of $55.38.

BK opened at $52.44 on Thursday. The firm has a market cap of $49.57 billion, a P/E ratio of 12.42, a P/E/G ratio of 1.48 and a beta of 1.04. Bank of New York Mellon Corp has a fifty-two week low of $43.67 and a fifty-two week high of $58.22. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, January 16th. The bank reported $0.99 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.07. The company had revenue of $4.01 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. Bank of New York Mellon’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the company posted $0.91 earnings per share. As a group, research analysts predict that Bank of New York Mellon Corp will post 4.26 EPS for the current year.

Bank of New York Mellon declared that its Board of Directors has approved a share repurchase program on Monday, December 10th that allows the company to repurchase $830.00 million in shares. This repurchase authorization allows the bank to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

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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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