Novare Capital Management Lowers stake in Bank of New York Mellon Corp (BK)

Bank of New York Mellon Corp (BK) : Novare Capital Management reduced its stake in Bank of New York Mellon Corp by 1.76% during the most recent quarter end. The investment management company now holds a total of 138,668 shares of Bank of New York Mellon Corp which is valued at $5,552,267 after selling 2,490 shares in Bank of New York Mellon Corp , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Bank of New York Mellon Corp makes up approximately 1.46% of Novare Capital Management’s portfolio.

Other Hedge Funds, Including , Eaton Vance Management reduced its stake in BK by selling 2,243 shares or 0.42% in the most recent quarter. The Hedge Fund company now holds 528,278 shares of BK which is valued at $21,152,251. Bank of New York Mellon Corp makes up approx 0.06% of Eaton Vance Management’s portfolio.Heartland Advisors Inc reduced its stake in BK by selling 4,962 shares or 2.11% in the most recent quarter. The Hedge Fund company now holds 230,551 shares of BK which is valued at $9,337,316. Bank of New York Mellon Corp makes up approx 0.50% of Heartland Advisors Inc’s portfolio.Bridge Creek Capital Management reduced its stake in BK by selling 175 shares or 0.42% in the most recent quarter. The Hedge Fund company now holds 41,325 shares of BK which is valued at $1,628,205. Bank of New York Mellon Corp makes up approx 0.94% of Bridge Creek Capital Management’s portfolio.

Bank of New York Mellon Corp opened for trading at $40.03 and hit $40.28 on the upside on Wednesday, eventually ending the session at $40.21, with a gain of 0.55% or 0.22 points. The heightened volatility saw the trading volume jump to 39,36,900 shares. Company has a market cap of $42,931 M.

On the company’s financial health, Bank of New York Mellon Corp reported $0.76 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 21, 2016. Analyst had a consensus of $0.75. The company had revenue of $3776.00 million for the quarter, compared to analysts expectations of $3795.74 million. The company’s revenue was down -2.8 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.73 EPS.

The Bank of New York Mellon Corporation is a provider of financial products and services in domestic and international markets. Through its two principal businesses Investment Management and Investment Services it serves institutions corporations and high net worth individuals. For institutions and corporations it provides investment management trust and custody foreign exchange fund administration global collateral services securities lending depositary receipts corporate trust global payment/cash management banking services and clearing services. For individuals it provides mutual funds separate accounts wealth management and private banking services. BNY Mellon’s investment management businesses provide investment products in different asset classes and investment styles. The Company has $28.5 trillion in assets under custody and/or administration and $1.7 trillion in assets under management as of December 31 2014.

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