Hedge fund Marcato Capital Management has bought a 1.6 percent stake in the Bank of New York Mellon, becoming the second prominent activist investor in recent months to disclose a position in the world's largest custody bank, according to a regulatory filing. San Francisco-based Marcato's stake is valued at $688 million, making it the biggest position of the $3 billion firm, according to the filing, which details holdings at the end of the third quarter.
The Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company. Shares of BK fell by 0.68% or $-0.27/share to $39.47. In the past year, the shares have traded as low as $30.82 and as high as $40.80. On average, 5122270 shares of BK exchange hands on a given day and today's volume is recorded at 2396277.
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