BlackRock Inc. boosted its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 2,064.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 57,741,220 shares of the bank’s stock after buying an additional 55,073,730 shares during the period. BlackRock Inc. owned approximately 5.55% of Bank Of New York Mellon Corporation (The) worth $2,727,121,000 as of its most recent filing with the SEC.
A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake 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 valued at $3,133,681,000 after buying an additional 1,905,810 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $491,122,000 after buying an additional 1,085,595 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of 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 valued at $463,187,000 after buying an additional 780,125 shares during the last quarter. Dimensional Fund Advisors LP raised its position 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. Finally, OppenheimerFunds Inc. raised its position in shares of Bank Of New York Mellon Corporation (The) by 17.4% in the first quarter. OppenheimerFunds Inc. now owns 6,315,953 shares of the bank’s stock valued at $298,303,000 after buying an additional 936,947 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.
Bank Of New York Mellon Corporation (NYSE:BK) opened at 54.04 on Thursday. The stock has a market cap of $55.83 billion, a P/E ratio of 16.03 and a beta of 1.15. The company has a 50 day moving average of $52.28 and a 200-day moving average of $48.41. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The firm’s revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 earnings per share. Equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current year.
Bank Of New York Mellon Corporation (The) declared that its board has initiated a share buyback plan on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization authorizes the bank to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.24 per share. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.96 annualized dividend and a yield of 1.78%. Bank Of New York Mellon Corporation (The)’s payout ratio is 28.40%.
WARNING: “Bank Of New York Mellon Corporation (The) (BK) Shares Bought by BlackRock Inc.” was first reported by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this piece on another site, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The original version of this piece can be read at https://stocknewstimes.com/2017/08/10/bank-of-new-york-mellon-corporation-the-bk-position-increased-by-blackrock-inc-updated-updated.html.
Several brokerages recently issued reports on BK. Wells Fargo & Company began coverage on shares of Bank Of New York Mellon Corporation (The) in a research note on Wednesday. They issued a “market perform” rating for the company. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Sunday. Zacks Investment Research upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, July 24th. Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Finally, Bank of America Corporation set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $53.00.
In other news, Chairman Gerald L. Hassell sold 700,719 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $53.91, for a total value of $37,775,761.29. Following the transaction, the chairman now owns 1,253,522 shares of the company’s stock, valued at $67,577,371.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles W. Scharf bought 186,900 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the acquisition, the chief executive officer now owns 73,640 shares of the company’s stock, valued at approximately $3,963,304.80. The disclosure for this purchase can be found here. Insiders own 3.60% of the company’s stock.
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.
Receive News & Ratings for Bank Of New York Mellon Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank Of New York Mellon Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.
