Country Trust Bank cut its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 582,347 shares of the bank’s stock after selling 816 shares during the period. Bank Of New York Mellon Corporation (The) makes up 1.4% of Country Trust Bank’s investment portfolio, making the stock its 26th largest position. Country Trust Bank’s holdings in Bank Of New York Mellon Corporation (The) were worth $29,711,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BK. Northstar Wealth Partners LLC bought a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth about $546,000. Community Bank & Trust Waco Texas raised its stake in Bank Of New York Mellon Corporation (The) by 5.3% in the first quarter. Community Bank & Trust Waco Texas now owns 17,182 shares of the bank’s stock worth $812,000 after buying an additional 863 shares during the period. Vanguard Group Inc. raised 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 worth $3,133,681,000 after buying an additional 1,905,810 shares during the period. BTIM Corp. bought a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth about $219,000. Finally, BB&T Securities LLC raised its stake in Bank Of New York Mellon Corporation (The) by 188.8% in the first quarter. BB&T Securities LLC now owns 135,025 shares of the bank’s stock worth $6,377,000 after buying an additional 88,265 shares during the period. Institutional investors own 82.02% of the company’s stock.
Bank Of New York Mellon Corporation (BK) opened at 51.80 on Friday. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.59. The company has a market cap of $53.52 billion, a price-to-earnings ratio of 15.36 and a beta of 1.15. The stock has a 50 day moving average of $52.76 and a 200-day moving average of $48.72.
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, beating analysts’ consensus estimates of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the prior year, the business earned $0.76 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.
Bank Of New York Mellon Corporation (The) declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 28th that permits the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Tuesday, August 1st were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Friday, July 28th. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is 28.40%.
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BK has been the subject of a number of research analyst reports. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Rafferty Capital Markets reissued a “buy” rating and issued a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Deutsche Bank AG increased 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 report on Friday, July 21st. Zacks Investment Research raised 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 report on Monday, July 24th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Bank Of New York Mellon Corporation (The) presently has a consensus rating of “Hold” and a consensus target price of $53.12.
In related news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total value of $530,900,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total value of $9,947,301.00. Following the completion of the sale, the insider now owns 455,927 shares in the company, valued at approximately $24,597,261.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,886,887 shares of company stock worth $578,717,898. 3.60% of the stock is owned by company insiders.
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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