First Fiduciary Investment Counsel Inc. cut its position in Bank of New York Mellon Corp (NYSE:BK) by 2.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 429,237 shares of the bank’s stock after selling 9,365 shares during the period. Bank of New York Mellon accounts for 4.4% of First Fiduciary Investment Counsel Inc.’s holdings, making the stock its 2nd largest position. First Fiduciary Investment Counsel Inc.’s holdings in Bank of New York Mellon were worth $23,149,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of BK. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon during the second quarter worth $102,000. Quad Cities Investment Group LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $102,000. Kaizen Advisory LLC raised its position in Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after purchasing an additional 1,565 shares during the period. Ostrum Asset Management purchased a new stake in Bank of New York Mellon in the first quarter valued at $148,000. Finally, Patten Group Inc. raised its position in Bank of New York Mellon by 44.4% in the first quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock valued at $124,000 after purchasing an additional 900 shares during the period. 83.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on BK shares. Vining Sparks restated a “buy” rating and issued a $62.00 target price on shares of Bank of New York Mellon in a research report on Monday, July 23rd. Deutsche Bank lifted their target price on Bank of New York Mellon from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Thursday, September 27th. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Keefe, Bruyette & Woods set a $56.00 target price on Bank of New York Mellon and gave the company a “hold” rating in a research report on Thursday, July 19th. Finally, Sandler O’Neill restated a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $58.58.
NYSE BK traded down $0.09 during trading hours on Friday, hitting $52.59. 4,316,832 shares of the company were exchanged, compared to its average volume of 4,954,754. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.69 and a quick ratio of 0.69. Bank of New York Mellon Corp has a 52-week low of $49.39 and a 52-week high of $58.99. The company has a market cap of $50.99 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 1.59 and a beta of 1.05.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The company had revenue of $4.14 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the prior year, the business earned $0.88 EPS. Bank of New York Mellon’s revenue was up 4.6% on a year-over-year basis. Equities research analysts anticipate that Bank of New York Mellon Corp will post 4.18 earnings per share for the current fiscal year.
Bank of New York Mellon declared that its board has initiated a stock buyback program on Thursday, June 28th that allows the company to buyback $2.40 billion in shares. This buyback authorization allows the bank to purchase up to 4.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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.
Further Reading: The Role of a Fiduciary and Individual Investors
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