Bank of New York Mellon Corp (BK) Stake Lessened by Principal Financial Group Inc.

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Principal Financial Group Inc. reduced its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 1.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,302,817 shares of the bank’s stock after selling 25,004 shares during the period. Principal Financial Group Inc.’s holdings in Bank of New York Mellon were worth $61,324,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in BK. Bronfman E.L. Rothschild L.P. grew its position in Bank of New York Mellon by 10.8% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 5,159 shares of the bank’s stock worth $243,000 after buying an additional 501 shares during the period. Mackay Shields LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth about $8,426,000. Claybrook Capital LLC acquired a new position in Bank of New York Mellon during the fourth quarter worth about $203,000. Edmond DE Rothschild Holding S.A. grew its position in Bank of New York Mellon by 4.6% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 463,860 shares of the bank’s stock worth $21,834,000 after buying an additional 20,270 shares during the period. Finally, Kiwi Wealth Investments Limited Partnership grew its position in Bank of New York Mellon by 5.2% during the fourth quarter. Kiwi Wealth Investments Limited Partnership now owns 94,060 shares of the bank’s stock worth $4,427,000 after buying an additional 4,683 shares during the period. 86.78% of the stock is owned by institutional investors and hedge funds.

BK stock opened at $51.89 on Friday. The company has a market capitalization of $49.63 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 1.48 and a beta of 1.04. Bank of New York Mellon Corp has a 12 month low of $43.67 and a 12 month high of $58.22. 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 (NYSE:BK) last released its quarterly earnings results on Wednesday, January 16th. The bank reported $0.99 EPS for the quarter, beating the consensus estimate of $0.92 by $0.07. The business had revenue of $4.01 billion for the quarter, compared to analyst estimates of $4.02 billion. Bank of New York Mellon had a net margin of 22.19% and a return on equity of 11.53%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.91 earnings per share. Equities analysts anticipate that Bank of New York Mellon Corp will post 4.26 EPS for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has initiated a stock repurchase plan on Monday, December 10th that permits the company to buyback $830.00 million in outstanding shares. This buyback authorization permits the bank to reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Several research analysts have weighed in on BK shares. Vining Sparks restated a “buy” rating and set 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 lowered their target price for the stock from $55.00 to $52.00 in a research report on Wednesday, January 9th. Credit Suisse Group lowered their target price 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. 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, Deutsche Bank upped their target price on shares of Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $55.88.

In related news, Director Edward P. Garden sold 1,400,000 shares of the company’s stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $53.64, for a total transaction of $75,096,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 2,107,000 shares of the company’s stock in a transaction that occurred on Monday, January 28th. The shares were sold at an average price of $53.48, for a total transaction of $112,682,360.00. The disclosure for this sale can be found here. Insiders sold 3,713,437 shares of company stock worth $198,594,100 over the last quarter. Company insiders own 1.76% of the company’s stock.

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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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