Northern Oak Wealth Management Inc. boosted its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 14.9% during the first quarter, Holdings Channel reports. The firm owned 19,768 shares of the bank’s stock after buying an additional 2,565 shares during the period. Northern Oak Wealth Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $934,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Vanguard Group Inc. boosted its position in Bank Of New York Mellon Corporation (The) by 3.0% in the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock worth $3,133,681,000 after buying an additional 1,905,810 shares during the period. BlackRock Inc. boosted its position in Bank Of New York Mellon Corporation (The) by 2,064.6% in the first quarter. BlackRock Inc. now owns 57,741,220 shares of the bank’s stock worth $2,727,121,000 after buying an additional 55,073,730 shares during the period. Geode Capital Management LLC boosted its position in Bank Of New York Mellon Corporation (The) by 11.6% in the first quarter. Geode Capital Management LLC now owns 10,413,009 shares of the bank’s stock worth $491,122,000 after buying an additional 1,085,595 shares during the period. JPMorgan Chase & Co. boosted its position in Bank Of New York Mellon Corporation (The) by 8.6% in the first quarter. JPMorgan Chase & Co. now owns 9,807,053 shares of the bank’s stock worth $463,187,000 after buying an additional 780,125 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 9.1% in the first quarter. Dimensional Fund Advisors LP now owns 8,611,402 shares of the bank’s stock valued at $406,722,000 after buying an additional 718,459 shares during the last quarter. Institutional investors own 82.51% of the company’s stock.
Bank Of New York Mellon Corporation (NYSE BK) traded up 0.783% during mid-day trading on Tuesday, hitting $53.445. 740,026 shares of the stock were exchanged. The stock has a market cap of $55.22 billion, a PE ratio of 15.850 and a beta of 1.14. Bank Of New York Mellon Corporation has a 52-week low of $38.53 and a 52-week high of $54.59. The stock’s 50 day moving average is $51.46 and its 200 day moving average is $48.04.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm posted $0.76 earnings per share. Analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be paid a $0.24 dividend. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Friday, July 28th. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is currently 28.40%.
Bank Of New York Mellon Corporation (The) declared that its board has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization allows the bank to repurchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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BK has been the topic of several research analyst reports. Rafferty Capital Markets reiterated a “buy” rating and issued a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Bank of America Corp reiterated an “underperform” rating and issued a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, May 26th. BidaskClub cut shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research note on Monday. Royal Bank Of Canada reiterated a “hold” rating and issued a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 4th. Finally, Deutsche Bank AG boosted their price target on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $53.00.
About Bank Of New York Mellon Corporation (The)
The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.
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