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Also traded in: Argentina, Brazil, Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash-to-Debt 2.84
BK's Cash-to-Debt is ranked lower than
68% of the 1516 Companies
in the Global Asset Management industry.

( Industry Median: 9999.00 vs. BK: 2.84 )
Ranked among companies with meaningful Cash-to-Debt only.
BK' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.49  Med: 1.7 Max: N/A
Current: 2.84
Equity-to-Asset 0.12
BK's Equity-to-Asset is ranked lower than
94% of the 1407 Companies
in the Global Asset Management industry.

( Industry Median: 0.84 vs. BK: 0.12 )
Ranked among companies with meaningful Equity-to-Asset only.
BK' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.06  Med: 0.09 Max: 0.16
Current: 0.12
0.06
0.16
Interest Coverage 9.72
BK's Interest Coverage is ranked lower than
76% of the 1341 Companies
in the Global Asset Management industry.

( Industry Median: 1018.62 vs. BK: 9.72 )
Ranked among companies with meaningful Interest Coverage only.
BK' s Interest Coverage Range Over the Past 10 Years
Min: 0.73  Med: 5.99 Max: 12.87
Current: 9.72
0.73
12.87
Beneish M-Score: -2.58
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating Margin % 31.53
BK's Operating Margin % is ranked lower than
59% of the 1424 Companies
in the Global Asset Management industry.

( Industry Median: 49.57 vs. BK: 31.53 )
Ranked among companies with meaningful Operating Margin % only.
BK' s Operating Margin % Range Over the Past 10 Years
Min: -28.85  Med: 24.83 Max: 31.01
Current: 31.53
-28.85
31.01
Net Margin % 23.79
BK's Net Margin % is ranked lower than
59% of the 1426 Companies
in the Global Asset Management industry.

( Industry Median: 41.12 vs. BK: 23.79 )
Ranked among companies with meaningful Net Margin % only.
BK' s Net Margin % Range Over the Past 10 Years
Min: -14.16  Med: 16.88 Max: 23.28
Current: 23.79
-14.16
23.28
ROE % 8.85
BK's ROE % is ranked higher than
60% of the 1518 Companies
in the Global Asset Management industry.

( Industry Median: 5.44 vs. BK: 8.85 )
Ranked among companies with meaningful ROE % only.
BK' s ROE % Range Over the Past 10 Years
Min: -4.79  Med: 7.25 Max: 9.99
Current: 8.85
-4.79
9.99
ROA % 1.02
BK's ROA % is ranked lower than
62% of the 1548 Companies
in the Global Asset Management industry.

( Industry Median: 2.89 vs. BK: 1.02 )
Ranked among companies with meaningful ROA % only.
BK' s ROA % Range Over the Past 10 Years
Min: -0.48  Med: 0.76 Max: 1.36
Current: 1.02
-0.48
1.36
3-Year Revenue Growth Rate 2.90
BK's 3-Year Revenue Growth Rate is ranked higher than
53% of the 1012 Companies
in the Global Asset Management industry.

( Industry Median: 1.10 vs. BK: 2.90 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
BK' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -11.7  Med: 4.5 Max: 24.1
Current: 2.9
-11.7
24.1
3-Year EBITDA Growth Rate 9.10
BK's 3-Year EBITDA Growth Rate is ranked higher than
62% of the 849 Companies
in the Global Asset Management industry.

( Industry Median: 2.30 vs. BK: 9.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
BK' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -18.9  Med: 11.6 Max: 51.1
Current: 9.1
-18.9
51.1
3-Year EPS without NRI Growth Rate 22.10
BK's 3-Year EPS without NRI Growth Rate is ranked higher than
75% of the 766 Companies
in the Global Asset Management industry.

( Industry Median: 3.80 vs. BK: 22.10 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
BK' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -24.4  Med: 12.5 Max: 136.6
Current: 22.1
-24.4
136.6
GuruFocus has detected 5 Warning Signs with Bank of New York Mellon Corp $BK.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» BK's 30-Y Financials

Financials (Next Earnings Date: 2017-07-20 Est.)


Revenue & Net Income
Equity & Asset
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2016

BK Guru Trades in Q2 2016

Pioneer Investments 786,616 sh (New)
David Dreman 60,499 sh (+50.76%)
Paul Tudor Jones 9,700 sh (+21.25%)
Dodge & Cox 55,928,092 sh (+3.48%)
First Eagle Investment 23,923,008 sh (+1.33%)
T Rowe Price Equity Income Fund 4,850,000 sh (+1.09%)
Donald Yacktman 5,980,155 sh (+0.59%)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Yacktman Focused Fund 1,300,000 sh (unchged)
Yacktman Fund 3,800,000 sh (unchged)
Robert Olstein 209,000 sh (unchged)
Caxton Associates 125,000 sh (unchged)
John Rogers 112,970 sh (unchged)
Warren Buffett 20,827,212 sh (unchged)
Murray Stahl 37,620 sh (unchged)
Bill Nygren 6,320,000 sh (unchged)
Keeley Asset Management Corp Sold Out
NWQ Managers Sold Out
Jim Simons Sold Out
Larry Robbins Sold Out
Jeff Auxier 315,829 sh (-0.05%)
Tweedy Browne 5,102,662 sh (-0.22%)
Mario Gabelli 6,078,835 sh (-1.35%)
Charles Brandes 3,853,681 sh (-1.43%)
John Buckingham 147,650 sh (-4.34%)
Chris Davis 19,790,665 sh (-4.40%)
Ken Fisher 9,335 sh (-11.51%)
Third Avenue Management 2,053,648 sh (-16.20%)
Martin Whitman 2,114,713 sh (-2.98%)
» More
Q3 2016

BK Guru Trades in Q3 2016

Ray Dalio 106,000 sh (New)
Jim Simons 141,377 sh (New)
Steven Cohen 546,000 sh (New)
Joel Greenblatt 6,410 sh (New)
Paul Tudor Jones 207,623 sh (+2040.44%)
Pioneer Investments 1,181,491 sh (+50.20%)
Chris Davis 21,505,937 sh (+8.67%)
Ken Fisher 9,715 sh (+4.07%)
Warren Buffett 21,136,712 sh (+1.49%)
Dodge & Cox 56,537,289 sh (+1.09%)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Yacktman Fund 3,800,000 sh (unchged)
Robert Olstein 209,000 sh (unchged)
John Rogers 112,970 sh (unchged)
Bill Nygren 6,320,000 sh (unchged)
Caxton Associates Sold Out
First Eagle Investment 23,886,119 sh (-0.15%)
Murray Stahl 37,420 sh (-0.53%)
Third Avenue Management 2,034,401 sh (-0.94%)
Jeff Auxier 312,129 sh (-1.17%)
Donald Yacktman 5,870,692 sh (-1.83%)
John Buckingham 144,466 sh (-2.16%)
Mario Gabelli 5,944,248 sh (-2.21%)
Charles Brandes 3,766,740 sh (-2.26%)
David Dreman 58,637 sh (-3.08%)
Yacktman Focused Fund 1,200,000 sh (-7.69%)
Tweedy Browne 4,518,942 sh (-11.44%)
T Rowe Price Equity Income Fund 4,225,000 sh (-12.89%)
Martin Whitman 1,771,413 sh (-16.23%)
» More
Q4 2016

BK Guru Trades in Q4 2016

Jim Simons 3,686,777 sh (+2507.76%)
Paul Tudor Jones 431,837 sh (+107.99%)
Ray Dalio 130,800 sh (+23.40%)
Pioneer Investments 1,425,518 sh (+20.65%)
Tweedy Browne 4,702,087 sh (+4.05%)
Warren Buffett 21,671,969 sh (+2.53%)
Murray Stahl 37,572 sh (+0.41%)
Tweedy Browne Global Value 1,315,780 sh (unchged)
John Rogers 112,970 sh (unchged)
Bill Nygren 6,320,000 sh (unchged)
Martin Whitman 1,771,413 sh (unchged)
Steven Cohen Sold Out
Jeff Auxier 310,679 sh (-0.46%)
John Buckingham 143,099 sh (-0.95%)
T Rowe Price Equity Income Fund 4,175,000 sh (-1.18%)
Chris Davis 21,230,205 sh (-1.28%)
Joel Greenblatt 6,319 sh (-1.42%)
Mario Gabelli 5,782,252 sh (-2.73%)
Charles Brandes 3,628,601 sh (-3.67%)
First Eagle Investment 21,950,143 sh (-8.11%)
Ken Fisher 8,676 sh (-10.69%)
Dodge & Cox 49,656,019 sh (-12.17%)
Third Avenue Management 1,759,465 sh (-13.51%)
David Dreman 48,016 sh (-18.11%)
Yacktman Fund 2,700,000 sh (-28.95%)
Donald Yacktman 4,121,719 sh (-29.79%)
Robert Olstein 141,888 sh (-32.11%)
Yacktman Focused Fund 750,000 sh (-37.50%)
» More
Q1 2017

BK Guru Trades in Q1 2017

HOTCHKIS & WILEY 1,130,815 sh (New)
Warren Buffett 33,012,059 sh (+52.33%)
Joel Greenblatt 7,123 sh (+12.72%)
Third Avenue Management 1,768,136 sh (+0.49%)
Tweedy Browne Global Value 1,315,780 sh (unchged)
Robert Olstein 141,888 sh (unchged)
Ray Dalio Sold Out
Jim Simons Sold Out
John Rogers 112,864 sh (-0.09%)
Murray Stahl 37,422 sh (-0.40%)
Tweedy Browne 4,676,782 sh (-0.54%)
Chris Davis 21,001,307 sh (-1.08%)
David Dreman 46,812 sh (-2.51%)
Mario Gabelli 5,636,095 sh (-2.53%)
Charles Brandes 3,530,838 sh (-2.69%)
Jeff Auxier 300,879 sh (-3.15%)
T Rowe Price Equity Income Fund 4,025,000 sh (-3.59%)
Pioneer Investments 1,349,217 sh (-5.35%)
Yacktman Focused Fund 700,000 sh (-6.67%)
Donald Yacktman 3,823,552 sh (-7.23%)
Yacktman Fund 2,500,000 sh (-7.41%)
Ken Fisher 8,033 sh (-7.41%)
Dodge & Cox 45,008,588 sh (-9.36%)
First Eagle Investment 19,708,865 sh (-10.21%)
John Buckingham 124,636 sh (-12.90%)
Paul Tudor Jones 5,000 sh (-98.84%)
Martin Whitman 1,523,413 sh (-14.00%)
» More
» Details

Insider Trades

Latest Guru Trades with BK

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Preferred stocks of Bank of New York Mellon Corp

SymbolPriceYieldDescription
BKNML950.005.20
BKPRC25.263.86Deposit Shs Repr 1/4000 5.2 % Non Cum Pfd Shs Series -C- PDF

Business Description

Industry: Asset Management » Asset Management    NAICS: 523920    SIC: 6282
Compare:OTCPK:IVSBF, NYSE:BX, NYSE:BLK, NYSE:STT, OTCPK:CAIXY, NYSE:BEN, NAS:NTRS, NYSE:AMP, NAS:TROW, OTCPK:PGPHF, OTCPK:EXXRF, NYSE:IVZ, OTCPK:SHNWF, NYSE:APO, OTCPK:TGOPY, NYSE:AMG, NYSE:KKR, OTCPK:HRGLF, NAS:SEIC, NYSE:OAK » details
Traded in other countries:BK.Argentina, BONY34.Brazil, BN9.Germany,
Headquarter Location:USA
Bank of New York Mellon Corporation is a investment company. Its business segments are: Investment Management and Investment Services. Its other segments includes credit-related services, the leasing portfolio, corporate treasury activities, among others.

BNY Mellon was formed by the merger of Bank of New York and Mellon Financial in 2006-7. The company, which is one of the largest financial-services firms in the country, is focused on providing investment services across the investment lifecycle. Its Investment Services business (which currently accounts for 80% of pretax income) provides back-office support, like custody and servicing, to other financial-services firms, and its Investment Management division (20% of pretax income) offers mutual funds and private banking.

Guru Investment Theses on Bank of New York Mellon Corp

Mario Gabelli Comments on Bank of New York Mellon Corp - May 10, 2017

Bank of New York Mellon Corp. (2.9% of net assets as of March 31, 2017) (BK – $47.23 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of December 31, 2016, the firm had $30.0 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Equity Income Fund 2017 first quarter shareholder commentary.

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Jeff Auxier Comments on Bank of New York - May 09, 2017

Banks in general declined off euphoric post-election highs although Bank of New York (NYSE:BK) still sells at a significant discount to the market and will benefit greatly if interest rates normalize.

After a difficult global earnings and revenue environment for over six quarters, we are seeing a pickup in sales and earnings for our core positions as many economies have seemed to stabilize. Domestically, the ISM services index still shows good improvement over 55%. We work hard at monitoring fundamentals to be able to catch the turn. While we are concerned with making good buys, it is also important to monitor highly valued “high expectation” stocks that can suffer painful drops when results fall short. We are looking for high integrity, dynamic management teams that can build value in any environment. We have learned over the years that having the cumulative knowledge of specific businesses, cash flows and balance sheets is far more important than being a market operator. When focusing on the power of compounding, it is critical to quantify and constantly assess risk through an in-depth knowledge of facts and valuation with a focus on the growth in underlying per share intrinsic value. At the core of mitigating risk is understanding the asset and the fundamentals. The problem with the proliferation of exchange traded funds is that nobody truly understands what they own as individual businesses. Most are following momentum. The real value added comes when markets drop and you really need to know the individual fundamentals at the height of panic. Many of the top Fund positions we have owned for 20-30 years. We want to be prepared daily and know ahead of time what we want to own. Then when the market drops we are ready to act. I love to study great coaches and in particular legendary UCLA basketball coach John Wooden who had preached that “the will to win is not nearly as important as the will to prepare to win.” We see the will to grind out daily research as integral to prepare for difficult times and improve the odds of protecting our clients’ life savings.




From Jeff Auxier (Trades, Portfolio)'s Auxier Asset Management first quarter 2017 shareholder letter.

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Third Avenue Management Comments on Bank of New York Mellon - Apr 21, 2017

Our investment premise for Bank of New York Mellon (NYSE:BK) is that it is a strong book value compounder that is substantially "under-earning" its profitability potential. The Company has undertaken significant cost savings initiatives, which combined with market-leading digital platform investments, should drive future growth and market share gains. The Company's balance sheet is strong with significant excess capital enabling a sizable return of capital to shareholders through both dividend and share buybacks. Lastly, with activist interest still high, any loss of momentum could lead to renewed calls for a break-up of the company to accelerate closure of the discount to NAV.

BK's book value and tangible book value growth both inflected positively in 2016 over its three-year trailing averages, over and above strong buyback and dividend activity, and we see this growth as set to accelerate with stronger earnings. Earnings Per Share (EPS) growth finally reaccelerated in 2015 and 2016, to $2.85 and $3.17, respectively, after languishing in the low-$2 per share range from 2011 to 2014. Management, spurred by activist pressure and new board members in 2014, has accelerated its cost reduction efforts and has committed to positive operating leverage regardless of the revenue growth environment. The results of this focus are clearly seen in 4Q 2016 earnings where non-interest expenses fell 2.1% while revenues grew 1.7%, generating 351 basis points of positive operating leverage. This cost-cutting focus is a key tenant of our investment case and an underlying pillar of why we believe BK shares can outperform regardless of the broader market environment. Further, while this cost reduction focus was started in 2014 when falling interest rates and meager corporate activity were suppressing revenues, we think the current tailwinds of higher interest rates and better corporate activity should also accelerate revenue growth, providing even stronger earnings leverage over the next few years that could push 2018 EPS to the $4.00 per share level.

More compelling to us is the fact that BK's cost reduction efforts are not just aimed at rote headcount reductions. BK has been aggressively investing in its new Nexen platform, an open-source, cloud-based technology platform aimed at improving client efficiency and flexibility. This platform will both help to drive revenue growth and likely share gains through its forward looking client-responsive features, and also dramatically lower costs as it is replacing legacy server based systems and consolidating multiple client access points to just one.

BK's strong balance sheet metrics continued to improve in 2016 (Common Equity Tier 1 ratio of 12.3%, up from 11.5% year over year), over and above its substantial return of value to shareholders in dividends ($778 million) and share buybacks ($2.4 billion). Management has committed to continued strong dividends (90%400% payout ratio) and share buybacks for 2017. The buybacks are having a dramatic effect on the company, as the fully diluted share count declined 3.6% in 2016 and fell 12.3% over the last 5-years.

Despite the strong credit and earnings metrics at BK, its shares underperformed the S&P 500 post-election, up 7.6% through March 31, 2017 vs. 10.4% for the S&P 500. Moreover, BK is currently trading towards the lower end of its price-to-book and price-to-earnings ranges for the last 10 years. While we continue to take a 3-5 year view on BK, even a near term price target for 2018 at a 15x price earnings ratio on $4.00 EPS would yield a $60 stock price, which is more than 26% above current levels. Clearly we see significant value in Bank of New York Mellon, regardless of overall market levels currently.



From Third Avenue Management (Trades, Portfolio)'s Value Fund first quarter 2017 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Nov 02, 2016

Bank of New York Mellon Corp. (NYSE:BK) (2.6% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



From Mario Gabelli (Trades, Portfolio)'s Equity Income Fund 3rd quarter 2016 commentary.

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GAMCO Investors Comments on Bank of New York Mellon Corp - Oct 28, 2016

Bank of New York Mellon Corp. (NYSE:BK) (2.4% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



The Gabelli Value 25 Fund third quarter 2016 commentary.



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Mario Gabelli Comments on Bank of New York Mellon Corp - Jul 26, 2016

Bank of New York Mellon Corp. (NYSE:BK)(1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Gabelli Asset Fund second quarter 2016 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Jul 25, 2016

Bank of New York Mellon Corp. (NYSE:BK) (1.0% of net assets as of June 30, 2016) (BK – $38.85 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of March 31, 2016, the firm had $29.1 trillion in assets under custody and $1.6 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.





From the Gabelli ABC Merger Arbitrage Fund second quarter 2016 shareholder letter.



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Yacktman Funds Comments on BNY Mellon - May 04, 2016

BNY Mellon (NYSE:BK) dropped with general weakness in the financial sector. We think the company is highly focused on achieving improved performance from its market leading custodial and investment management businesses, and the shares are attractively priced.



From Donald Yacktman (Trades, Portfolio)'s Yacktman Focused Fund (Trades, Portfolio) first quarter 2016 commentary.

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First Eagle Investments Comments on Bank of New York Mellon - May 02, 2016

Bank of New York Mellon (NYSE:BK) has been struggling with the effects of central bank policy. The fact that the Fed has not tightened interest rates further and the possibility of negative interest rates are hurting the valuations of banks, which normally earn interest on deposits. Interest rates that have stayed low for a long time have increased investors’ worries that these headwinds to Bank of New York Mellon will persist—both for its deposit float and for the fee waivers in its money market asset management businesses.



From First Eagle's Global Value Fund first quarter 2016 commentary.



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Mario Gabelli Comments on Bank of New York Mellon Corp - Feb 10, 2016

Bank of New York Mellon Corp. (2.3% of net assets as of December 31, 2015) (BK – $41.22 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.

From Mario Gabelli (Trades, Portfolio)'s Value 25 Fund fourth quarter 2015 commentary.

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Mario Gabelli Comments on Bank of New York Mellon Corp - Feb 05, 2016

Bank of New York Mellon Corp. (2.2%) (BK – $41.22 – NYSE)(NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of September 30, 2015, the firm had $27.4 trillion in assets under custody and $1.5 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book.



From Mario Gabelli (Trades, Portfolio)'s GAMCO Equity Income Fund fourth quarter 2015 commentary.

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David Einhorn Comments on Bank of New York Mellon - Jan 19, 2016

We decided to sell our position in Bank of New York Mellon (NYSE:BK) with a small profit. We becamemoderately less comfortable with the market exposure in both the Investment Services andInvestment Management segments and felt that the market was giving the company too muchcredit for potential earnings leverage to multiple Fed rate hikes.

From David Einhorn (Trades, Portfolio)'s Green Light Capital fourth quarter 2015 shareholder letter.

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Top Ranked Articles about Bank of New York Mellon Corp

Berkshire Hathaway Buys Apple, Bank of New York Mellon, Southwest Airlines, Sells IBM, Delta Air Lines, Twenty-First Century Fox Review of first quarter Berkshire Hathaway portfolio
Warren Buffett (Trades, Portfolio)’s investment company Berkshire Hathaway has just reported its first quarter portfolio. The portfolio managers at Berkshire Hathaway, including Buffett himself and his successors Ted Weschler and Todd Combs, bought Apple Inc, Bank of New York Mellon Corp, Southwest Airlines Co, American Airlines Group Inc, Sirius XM Holdings Inc, Liberty SiriusXM Group, and sold International Business Machines Corp, Delta Air Lines Inc, Twenty-First Century Fox Inc, WABCO Holdings Inc during the 3-months ended 2017-03-31. As of 2017-03-31, Berkshire Hathaway owns 46 stocks with a total value of $161.9 billion. These are the details of the buys and sells.

Read more...
Mario Gabelli Comments on Bank of New York Mellon Corp Guru stock highlight
Bank of New York Mellon Corp. (2.9% of net assets as of March 31, 2017) (BK – $47.23 – NYSE) (NYSE:BK) is a global leader in providing financial services to institutions and individuals. The company operates in more than 100 markets worldwide and strives to be the global provider of choice for investment management and investment services. As of December 31, 2016, the firm had $30.0 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book. Read more...
Jeff Auxier Comments on Bank of New York Guru stock highlight
Banks in general declined off euphoric post-election highs although Bank of New York (NYSE:BK) still sells at a significant discount to the market and will benefit greatly if interest rates normalize.

After a difficult global earnings and revenue environment for over six quarters, we are seeing a pickup in sales and earnings for our core positions as many economies have seemed to stabilize. Domestically, the ISM services index still shows good improvement over 55%. We work hard at monitoring fundamentals to be able to catch the turn. While we are concerned with making good buys, it is also important to monitor highly valued “high expectation” stocks that can suffer painful drops when results fall short. We are looking for high integrity, dynamic management teams that can build value in any environment. We have learned over the years that having the cumulative knowledge of specific businesses, cash flows and balance sheets is far more important than being a market operator. When focusing on the power of compounding, it is critical to quantify and constantly assess risk through an in-depth knowledge of Read more...
Martin Whitman Sells Comerica, Buys Amgen The guru's largest 1st-quarter trades
Martin Whitman (Trades, Portfolio) is founder and portfolio manager of the Third Avenue Value Fund. During the first quarter the guru traded shares in the following stocks: Read more...
Third Avenue Management Comments on Bank of New York Mellon Guru stock highlight
Our investment premise for Bank of New York Mellon (NYSE:BK) is that it is a strong book value compounder that is substantially "under-earning" its profitability potential. The Company has undertaken significant cost savings initiatives, which combined with market-leading digital platform investments, should drive future growth and market share gains. The Company's balance sheet is strong with significant excess capital enabling a sizable return of capital to shareholders through both dividend and share buybacks. Lastly, with activist interest still high, any loss of momentum could lead to renewed calls for a break-up of the company to accelerate closure of the discount to NAV. Read more...
Yacktman Fund Trims Financial Empire in 4th Quarter Most of guru’s transactions are sells
Stephen Yacktman and Jason Subotky, co-managers of the Yacktman Fund (Trades, Portfolio), seek long-term capital appreciation through equity investments in growth companies that trade at cheap prices. Such companies usually have a good business, which includes high cash returns on tangible assets and relatively low capital requirements. During fourth-quarter 2016, the fund trimmed over 10 positions, including five positions in the financial sector: Bank of New York Mellon Corp. (NYSE:BK), U.S. Bancorp (NYSE:USB), Bank of America Corp. (NYSE:BAC), Goldman Sachs Group Inc. (NYSE:GS) and Wells Fargo & Co. (NYSE:WFC). Read more...
Mario Gabelli Comments on Bank of New York Mellon Corp Guru stock highlight
Bank of New York Mellon Corp. (NYSE:BK) (2.6% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. We believe BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book. Read more...
GAMCO Investors Comments on Bank of New York Mellon Corp Guru stock highlight
Bank of New York Mellon Corp. (NYSE:BK) (2.4% of net assets as of September 30, 2016) (BK – $39.88 – NYSE) is a global leader in providing financial services to institutions and individuals. The company operates in more than one hundred markets worldwide and strives to be the global provider of choice for investment management and investment services. As of June 30, 2016, the firm had $29.5 trillion in assets under custody and $1.7 trillion in assets under management. Going forward, we expect BK to benefit from rising global incomes and the cross border movement of financial transactions. BK is also well positioned to grow earnings in a rising interest rate environment, given its large customer cash deposits and significant loan book. Read more...
Martin Whitman Exits Baxalta in 3rd Quarter Guru's largest 3rd quarter trades
Martin Whitman (Trades, Portfolio) is the founder and portfolio manager of the Third Avenue Value Fund (TAVFX). He manages a portfolio composed of 36 stocks with a total value of $1,127million. During the third quarter, the guru’s largest sales are as follows: Read more...
Dr. Michael Burry of 'The Big Short' Buys Alphabet and Sells Apple 'The Big Short' star goes opposite direction of Buffett
Dr. Michael Burry, one of the few to spot and short the housing market crash, began to show a trend of carving down his portfolio and traded one tech giant for another in the second quarter. Read more...

Ratios

vs
industry
vs
history
PE Ratio 14.40
BK's PE Ratio is ranked lower than
57% of the 1112 Companies
in the Global Asset Management industry.

( Industry Median: 12.73 vs. BK: 14.40 )
Ranked among companies with meaningful PE Ratio only.
BK' s PE Ratio Range Over the Past 10 Years
Min: 8.16  Med: 15.04 Max: 42.69
Current: 14.4
8.16
42.69
Forward PE Ratio 13.48
BK's Forward PE Ratio is ranked lower than
53% of the 208 Companies
in the Global Asset Management industry.

( Industry Median: 13.14 vs. BK: 13.48 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 14.40
BK's PE Ratio without NRI is ranked lower than
55% of the 1121 Companies
in the Global Asset Management industry.

( Industry Median: 12.98 vs. BK: 14.40 )
Ranked among companies with meaningful PE Ratio without NRI only.
BK' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.16  Med: 16.75 Max: 36.95
Current: 14.4
8.16
36.95
Price-to-Owner-Earnings 21.34
BK's Price-to-Owner-Earnings is ranked higher than
61% of the 333 Companies
in the Global Asset Management industry.

( Industry Median: 12.44 vs. BK: 21.34 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
BK' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 3.73  Med: 11.77 Max: 168.08
Current: 21.34
3.73
168.08
PB Ratio 1.37
BK's PB Ratio is ranked lower than
74% of the 1500 Companies
in the Global Asset Management industry.

( Industry Median: 1.00 vs. BK: 1.37 )
Ranked among companies with meaningful PB Ratio only.
BK' s PB Ratio Range Over the Past 10 Years
Min: 0.64  Med: 1.19 Max: 4.44
Current: 1.37
0.64
4.44
PS Ratio 3.24
BK's PS Ratio is ranked higher than
72% of the 1199 Companies
in the Global Asset Management industry.

( Industry Median: 6.49 vs. BK: 3.24 )
Ranked among companies with meaningful PS Ratio only.
BK' s PS Ratio Range Over the Past 10 Years
Min: 1.46  Med: 2.84 Max: 4.82
Current: 3.24
1.46
4.82
Price-to-Free-Cash-Flow 21.95
BK's Price-to-Free-Cash-Flow is ranked higher than
65% of the 362 Companies
in the Global Asset Management industry.

( Industry Median: 15.43 vs. BK: 21.95 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
BK' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 4.95  Med: 12.09 Max: 117.5
Current: 21.95
4.95
117.5
Price-to-Operating-Cash-Flow 15.40
BK's Price-to-Operating-Cash-Flow is ranked higher than
71% of the 772 Companies
in the Global Asset Management industry.

( Industry Median: 16.86 vs. BK: 15.40 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
BK' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.46  Med: 11.04 Max: 127.71
Current: 15.4
4.46
127.71
EV-to-EBIT -0.48
BK's EV-to-EBIT is ranked higher than
100% of the 1295 Companies
in the Global Asset Management industry.

( Industry Median: 11.90 vs. BK: -0.48 )
Ranked among companies with meaningful EV-to-EBIT only.
BK' s EV-to-EBIT Range Over the Past 10 Years
Min: -26.8  Med: -10.9 Max: 20.3
Current: -0.48
-26.8
20.3
EV-to-EBITDA -0.36
BK's EV-to-EBITDA is ranked higher than
100% of the 1333 Companies
in the Global Asset Management industry.

( Industry Median: 11.65 vs. BK: -0.36 )
Ranked among companies with meaningful EV-to-EBITDA only.
BK' s EV-to-EBITDA Range Over the Past 10 Years
Min: -19.4  Med: -8 Max: 35.3
Current: -0.36
-19.4
35.3
PEG Ratio 1.51
BK's PEG Ratio is ranked lower than
62% of the 251 Companies
in the Global Asset Management industry.

( Industry Median: 1.10 vs. BK: 1.51 )
Ranked among companies with meaningful PEG Ratio only.
BK' s PEG Ratio Range Over the Past 10 Years
Min: 1.29  Med: 1.91 Max: 43.47
Current: 1.51
1.29
43.47
Shiller PE Ratio 24.00
BK's Shiller PE Ratio is ranked lower than
64% of the 389 Companies
in the Global Asset Management industry.

( Industry Median: 19.75 vs. BK: 24.00 )
Ranked among companies with meaningful Shiller PE Ratio only.
BK' s Shiller PE Ratio Range Over the Past 10 Years
Min: 8.22  Med: 16.49 Max: 25.06
Current: 24
8.22
25.06

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.62
BK's Dividend Yield % is ranked lower than
84% of the 1488 Companies
in the Global Asset Management industry.

( Industry Median: 4.04 vs. BK: 1.62 )
Ranked among companies with meaningful Dividend Yield % only.
BK' s Dividend Yield % Range Over the Past 10 Years
Min: 1.11  Med: 1.85 Max: 5.26
Current: 1.62
1.11
5.26
Dividend Payout Ratio 0.23
BK's Dividend Payout Ratio is ranked higher than
77% of the 900 Companies
in the Global Asset Management industry.

( Industry Median: 0.55 vs. BK: 0.23 )
Ranked among companies with meaningful Dividend Payout Ratio only.
BK' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.17  Med: 0.3 Max: 0.79
Current: 0.23
0.17
0.79
3-Year Dividend Growth Rate 7.50
BK's 3-Year Dividend Growth Rate is ranked higher than
65% of the 651 Companies
in the Global Asset Management industry.

( Industry Median: 2.60 vs. BK: 7.50 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
BK' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: -26.9  Med: 7.5 Max: 26.4
Current: 7.5
-26.9
26.4
Forward Dividend Yield % 1.63
BK's Forward Dividend Yield % is ranked lower than
85% of the 1408 Companies
in the Global Asset Management industry.

( Industry Median: 4.36 vs. BK: 1.63 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 2.50
BK's 5-Year Yield-on-Cost % is ranked lower than
76% of the 1743 Companies
in the Global Asset Management industry.

( Industry Median: 6.87 vs. BK: 2.50 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
BK' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 1.69  Med: 2.82 Max: 8.02
Current: 2.5
1.69
8.02
3-Year Average Share Buyback Ratio 2.80
BK's 3-Year Average Share Buyback Ratio is ranked higher than
85% of the 868 Companies
in the Global Asset Management industry.

( Industry Median: -1.30 vs. BK: 2.80 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
BK' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -16.9  Med: -1.1 Max: 2.8
Current: 2.8
-16.9
2.8

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 3.31
BK's Price-to-Tangible-Book is ranked lower than
88% of the 1434 Companies
in the Global Asset Management industry.

( Industry Median: 1.01 vs. BK: 3.31 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
BK' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 0.49  Med: 3.42 Max: 11.2
Current: 3.31
0.49
11.2
Price-to-Intrinsic-Value-Projected-FCF 0.94
BK's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
64% of the 434 Companies
in the Global Asset Management industry.

( Industry Median: 1.07 vs. BK: 0.94 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
BK' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.4  Med: 0.81 Max: 6.26
Current: 0.94
0.4
6.26
Price-to-Median-PS-Value 1.14
BK's Price-to-Median-PS-Value is ranked lower than
68% of the 819 Companies
in the Global Asset Management industry.

( Industry Median: 1.01 vs. BK: 1.14 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
BK' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.21  Med: 1.06 Max: 6.09
Current: 1.14
0.21
6.09
Price-to-Peter-Lynch-Fair-Value 1.59
BK's Price-to-Peter-Lynch-Fair-Value is ranked lower than
82% of the 125 Companies
in the Global Asset Management industry.

( Industry Median: 0.72 vs. BK: 1.59 )
Ranked among companies with meaningful Price-to-Peter-Lynch-Fair-Value only.
BK' s Price-to-Peter-Lynch-Fair-Value Range Over the Past 10 Years
Min: 0.34  Med: 1.57 Max: 4.64
Current: 1.59
0.34
4.64
Price-to-Graham-Number 1.46
BK's Price-to-Graham-Number is ranked lower than
74% of the 947 Companies
in the Global Asset Management industry.

( Industry Median: 0.82 vs. BK: 1.46 )
Ranked among companies with meaningful Price-to-Graham-Number only.
BK' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.29  Med: 1.65 Max: 3.47
Current: 1.46
0.29
3.47
Earnings Yield (Greenblatt) % -206.47
BK's Earnings Yield (Greenblatt) % is ranked higher than
100% of the 1804 Companies
in the Global Asset Management industry.

( Industry Median: 5.13 vs. BK: -206.47 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
BK' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -212.09  Med: 12.3 Max: 395.9
Current: -206.47
-212.09
395.9
Forward Rate of Return (Yacktman) % 13.06
BK's Forward Rate of Return (Yacktman) % is ranked higher than
65% of the 495 Companies
in the Global Asset Management industry.

( Industry Median: 5.09 vs. BK: 13.06 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
BK' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 3.1  Med: 11.3 Max: 21.3
Current: 13.06
3.1
21.3

More Statistics

Revenue (TTM) (Mil) $15,350
EPS (TTM) $ 3.25
Beta1.10
Short Percentage of Float1.18%
52-Week Range $35.72 - 49.54
Shares Outstanding (Mil)1,039.88

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 15,652 16,348 16,906
EPS ($) 3.49 3.86 4.12
EPS without NRI ($) 3.49 3.86 4.12
EPS Growth Rate
(Future 3Y To 5Y Estimate)
10.40%
Dividends per Share ($) 0.81 0.92 0.97
» More Articles for BK

Headlines

Articles On GuruFocus.com
Berkshire Hathaway Buys Apple, Bank of New York Mellon, Southwest Airlines, Sells IBM, Delta Air Lin May 16 2017 
Warren Buffett Doubles Apple Stake, Cuts Twenty-First Century Fox in 1st Quarter May 16 2017 
Mario Gabelli Comments on Bank of New York Mellon Corp May 10 2017 
The Gabelli Equity Income Fund 1st Quarter Shareholder Commentary May 10 2017 
BNY Mellon Appoints Frank La Salla as CEO of Corporate Trust Business and Chandresh Iyer as CEO of A May 10 2017 
Jeff Auxier Comments on Bank of New York May 09 2017 
Dreyfus Names Paula Kelley As Chief Marketing Officer May 08 2017 
INSITE 2017 Announces Its Conference Agenda; Brings Leading Financial Services Industry Conference t May 02 2017 
BNY Mellon's Pershing Expands Third-Party Model Providers Available on Managed Accounts Solution Apr 27 2017 
Martin Whitman Sells Comerica, Buys Amgen Apr 25 2017 

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