Salem Capital Management Inc. Maintains Position in Bank Of New York Mellon Corporation (The) (NYSE:BK)

Salem Capital Management Inc. continued to hold its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,643 shares of the bank’s stock at the end of the second quarter. Salem Capital Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $237,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of 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 during the last quarter. BlackRock Inc. boosted its stake in shares of 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 valued at $2,727,121,000 after buying an additional 55,073,730 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 during the last quarter. JPMorgan Chase & Co. boosted its stake 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. Finally, Clearbridge Investments LLC boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 0.5% in the first quarter. Clearbridge Investments LLC now owns 9,518,101 shares of the bank’s stock valued at $449,540,000 after buying an additional 51,390 shares during the last quarter. Institutional investors own 82.02% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE BK) traded up 0.69% during midday trading on Friday, reaching $52.16. The company’s stock had a trading volume of 3,278,531 shares. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59. The company has a market capitalization of $53.89 billion, a P/E ratio of 15.47 and a beta of 1.15. The company 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 issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.76 earnings per share. Equities research analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date of this dividend 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 payout ratio is currently 28.40%.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has approved a share buyback program on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to buy up to 5.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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BK has been the subject of several analyst reports. Rafferty Capital Markets restated a “buy” rating and issued a $53.00 target price on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Bank of America Corporation reiterated an “underperform” rating and set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, May 26th. BidaskClub cut Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Deutsche Bank AG increased their price target on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) has an average rating of “Hold” and an average target price of $53.12.

In other Bank Of New York Mellon Corporation (The) news, Chairman Gerald L. Hassell sold 1,788 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $94,835.52. Following the transaction, the chairman now owns 872,606 shares in the company, valued at $46,283,022.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Charles W. Scharf acquired 186,900 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Tuesday, August 8th. The shares were bought at an average price of $53.82 per share, for a total transaction of $10,058,958.00. Following the purchase, the chief executive officer now owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 10,886,887 shares of company stock worth $578,717,898. 3.60% of the stock is currently owned by insiders.

Bank Of New York Mellon Corporation (The) Company Profile

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.