Bbva Compass Bancshares Inc. reduced its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 6.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,705 shares of the bank’s stock after selling 3,629 shares during the period. Bbva Compass Bancshares Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $2,893,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Loeb Partners Corp boosted its position in shares of Bank Of New York Mellon Corporation (The) by 2.7% in the second quarter. Loeb Partners Corp now owns 258,000 shares of the bank’s stock valued at $13,163,000 after buying an additional 6,700 shares during the last quarter. Schnieders Capital Management LLC boosted its position in shares of Bank Of New York Mellon Corporation (The) by 62.4% in the second quarter. Schnieders Capital Management LLC now owns 22,770 shares of the bank’s stock valued at $1,162,000 after buying an additional 8,750 shares during the last quarter. Taylor Cottrill Erickson & Associates Inc. boosted its position in shares of Bank Of New York Mellon Corporation (The) by 5.1% in the second quarter. Taylor Cottrill Erickson & Associates Inc. now owns 7,744 shares of the bank’s stock valued at $395,000 after buying an additional 377 shares during the last quarter. IBM Retirement Fund boosted its position in shares of Bank Of New York Mellon Corporation (The) by 111.0% in the second quarter. IBM Retirement Fund now owns 24,654 shares of the bank’s stock valued at $1,406,000 after buying an additional 12,968 shares during the last quarter. Finally, NGAM Advisors L.P. boosted its position in shares of Bank Of New York Mellon Corporation (The) by 17.6% in the second quarter. NGAM Advisors L.P. now owns 101,395 shares of the bank’s stock valued at $5,173,000 after buying an additional 15,200 shares during the last quarter. Institutional investors own 82.02% of the company’s stock.
Bank Of New York Mellon Corporation (NYSE BK) opened at 52.10 on Friday. The stock has a market capitalization of $53.83 billion, a PE ratio of 15.45 and a beta of 1.15. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The company has a 50-day moving average price of $52.79 and a 200-day moving average price of $48.77.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.04. The company 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 return on equity of 10.35% and a net margin of 23.35%. Bank Of New York Mellon Corporation (The)’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.76 earnings per share. Analysts expect that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were given a dividend of $0.24 per share. The ex-dividend date was Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a yield of 1.84%. This is an increase 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 currently 28.40%.
Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
Several brokerages have issued reports on BK. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Sunday, August 6th. Buckingham Research reissued a “neutral” rating and issued a $57.00 target price (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Jefferies Group LLC reissued a “hold” rating and issued a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. Credit Suisse Group reissued a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Finally, Zacks Investment Research raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) presently has a consensus 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 700,719 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the transaction, the chairman now owns 1,253,522 shares in the company, valued at $67,577,371.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the transaction, the insider now owns 204,043 shares in the company, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. Insiders have sold 10,931,137 shares of company stock worth $581,058,723 in the last quarter. 3.60% of the stock is currently 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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