BlackRock Fund Advisors has recently announced that it has increased stake in Bank Of New York Mellon Corp (NYSE:BK) by 3.67%. After grabbing 40.44 million shares, the institutional investor is now in possession of 1.43 million shares of the Financial Company. The new investment brought the stake of investor firm to 5.26% having worth around $1.95 billion. Moreover, SSgA Funds Management, Inc. increased its share by 0.73 million to have a control over 32.17 million shares. And Geode Capital Management LLC raised its holdings to 1.3 million shares by acquiring 16.83 million shares or 2.19% of the stake.
Bank Of New York Mellon Corp (BK) concluded trading on December 20, 2023 at a closing price of $50.90, with 3.44 million shares of worth about $175.13 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 17.69% during that period and On Wednesday the price saw a loss of about -1.57%. Currently the company’s common shares owned by public are about 808.44M shares, out of which, 767.19M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 101 times over the past 12 months. They bought 696,759 shares in 43 of the transactions. In 58 selling transactions, insiders dumped 306,423 shares.
Dodge & Cox Stock Fund, Vanguard Total Stock Market ETF, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Bank Of New York Mellon Corp Dodge & Cox Stock Fund is currently holding 37.33 million shares of worth totaling $1.8 billion. The company recently came buying 0.2 million shares which brought its stake up to 4.85% of the company’s outstanding shares. Vanguard Total Stock Market ETF sold -0.59 million shares, after which its hold over company’s outstanding shares shrunk to 2.83%, leaving 21.77 million shares with the mutual fund that have a worth of about $1.05 billion. Vanguard 500 Index Fund, after selling 16.77 million shares, have now control over 2.18% of the stake in the company. It holds 67304.0 shares of worth $810.39 million.
Stock saw a price change of -0.10% in past 5 days and over the past one month there was a price change of 8.02%. Year-to-date (YTD), BK shares are showing a performance of 11.82% which increased to 15.24% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $39.65 but also hit the highest price of $52.26 during that period. The average intraday trading volume for Bank Of New York Mellon Corp shares is 4.64 million. The stock is currently trading 3.97% above its 20-day simple moving average (SMA20), while that difference is up 11.18% for SMA50 and it goes to 14.85% higher than SMA200.
BlackRock Fund Advisors acquired 40.44 million shares of Bank Of New York Mellon Corp having value of about $1.95 billion. Data submitted at the U.S SEC by BlackRock Fund Advisors revealed that the firm now holds 1.43 million shares in the company valued at close to $72800488.5, or have control over 3.67% stake in the company. Bank Of New York Mellon Corp (NYSE: BK) currently have 808.44M outstanding shares and institutions hold larger chunk of about 84.85% of that. Holding of mutual funds in the company is about 34.86% while other institutional holders and individual stake holders have control over 50.64% and 16.37% of the stake respectively.
The stock has a current market capitalization of $39.15B and its 3Y-monthly beta is at 1.12. PE ratio of stock for trailing 12 months is 11.92, while it has posted earnings per share of $4.27 in the same period. Its PEG reads 1.14 while making debt-to-equity ratio of 1.52. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BK, volatility over the week remained 1.49% while standing at 1.60% over the month.
Analysts are in expectations that Bank Of New York Mellon Corp (BK) stock would likely to be making an EPS of $1.13 in the current quarter, while forecast for next quarter EPS is $1.09 and it is $5.02 for next year. For the current quarter EPS, analysts have given the company a lowest target $1.05 which is $1.3 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.62 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 60.26% while it is estimated to increase by 8.06% in next year. EPS is likely to grow at an annualized rate of 10.42% for next 5-years, compared to annual growth of -4.88% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by JP Morgan on December 18, 2023 offering an Overweight rating for the stock and assigned a target price of $54.50 to it.
