Novare Capital Management LLC Trimmed Its Holding in Bank Of New York Co INC (BK) by $5.42 Million as Stock Declined

September 30, 2018 - By Matthew Richard

The Bank of New York Mellon Corporation (NYSE:BK) LogoInvestors sentiment increased to 0.93 in Q2 2018. Its up 0.06, from 0.87 in 2018Q1. It increased, as 42 investors sold BK shares while 327 reduced holdings. 83 funds opened positions while 259 raised stakes. 816.46 million shares or 0.53% more from 812.17 million shares in 2018Q1 were reported. Sumitomo Mitsui Asset invested in 0.06% or 71,281 shares. Blair William And Il accumulated 25,472 shares. Patten & Patten Inc Tn reported 0.06% in The Bank of New York Mellon Corporation (NYSE:BK). Willingdon Wealth Management holds 0.01% or 700 shares in its portfolio. Adirondack has 0.05% invested in The Bank of New York Mellon Corporation (NYSE:BK). Archford Capital Strategies Ltd Com stated it has 0.09% in The Bank of New York Mellon Corporation (NYSE:BK). Lazard Asset Mngmt Lc invested in 0% or 2,344 shares. 108,896 are held by Lincoln Limited Liability. Mycio Wealth Ltd Liability Corp holds 6,131 shares. Beck Mack And Oliver Limited Co invested in 0.08% or 45,146 shares. Country Tru Bank & Trust stated it has 582,489 shares or 1.35% of all its holdings. New Jersey-based Abner Herrman Brock Ltd Com has invested 1.79% in The Bank of New York Mellon Corporation (NYSE:BK). 67.78M are owned by Vanguard Group Inc. Marathon Capital reported 10,255 shares. The California-based Rand Wealth Lc has invested 0.32% in The Bank of New York Mellon Corporation (NYSE:BK).

Novare Capital Management Llc decreased its stake in Bank Of New York Co Inc (BK) by 86.45% based on its latest 2018Q2 regulatory filing with the SEC. Novare Capital Management Llc sold 102,197 shares as the company’s stock declined 9.26% while stock markets rallied. The institutional investor held 16,019 shares of the major banks company at the end of 2018Q2, valued at $864,000, down from 118,216 at the end of the previous reported quarter. Novare Capital Management Llc who had been investing in Bank Of New York Co Inc for a number of months, seems to be less bullish one the $50.99B market cap company. The stock decreased 1.07% or $0.55 during the last trading session, reaching $50.99. About 5.31 million shares traded or 0.48% up from the average. The Bank of New York Mellon Corporation (NYSE:BK) has risen 0.04% since September 30, 2017 and is uptrending. It has underperformed by 15.58% the S&P500.

Novare Capital Management Llc, which manages about $695.33M and $588.91M US Long portfolio, upped its stake in United Technologies Corp (NYSE:UTX) by 31,070 shares to 68,981 shares, valued at $8.63M in 2018Q2, according to the filing.

Analysts await The Bank of New York Mellon Corporation (NYSE:BK) to report earnings on October, 18. They expect $1.04 earnings per share, up 6.12 % or $0.06 from last year’s $0.98 per share. BK’s profit will be $1.04B for 12.26 P/E if the $1.04 EPS becomes a reality. After $1.03 actual earnings per share reported by The Bank of New York Mellon Corporation for the previous quarter, Wall Street now forecasts 0.97 % EPS growth.

More recent The Bank of New York Mellon Corporation (NYSE:BK) news were published by: Bizjournals.com which released: “BNY Mellon deepens bench with two executive hires” on September 10, 2018. Also Gurufocus.com published the news titled: “BNY Mellon Wealth Management Names Paul J. Simon as Senior Director, Wealth Manager in Naples, Florida” on September 27, 2018. Seekingalpha.com‘s news article titled: “BNY Mellon Investment Management to close EACM Advisors” with publication date: September 24, 2018 was also an interesting one.

The Bank of New York Mellon Corporation (NYSE:BK) Ratings Coverage

Among 7 analysts covering Bank of New York Mellon (NYSE:BK), 3 have Buy rating, 0 Sell and 4 Hold. Therefore 43% are positive. Bank of New York Mellon had 9 analyst reports since April 6, 2018 according to SRatingsIntel. Deutsche Bank maintained it with “Buy” rating and $61 target in Thursday, September 27 report. The stock has “Buy” rating by Deutsche Bank on Friday, April 6. Vining Sparks upgraded The Bank of New York Mellon Corporation (NYSE:BK) rating on Friday, April 6. Vining Sparks has “Buy” rating and $6000 target. Jefferies maintained the stock with “Hold” rating in Thursday, April 5 report. The company was maintained on Thursday, April 19 by Keefe Bruyette & Woods. The stock of The Bank of New York Mellon Corporation (NYSE:BK) earned “Overweight” rating by Morgan Stanley on Friday, April 20. The company was maintained on Monday, April 9 by Sandler O’Neill. The stock of The Bank of New York Mellon Corporation (NYSE:BK) earned “Neutral” rating by Credit Suisse on Friday, April 20. Sandler O’Neill maintained it with “Hold” rating and $5600 target in Thursday, April 19 report.

The Bank of New York Mellon Corporation (NYSE:BK) Institutional Positions Chart

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