CIBC Asset Management Inc Lowers Position in Bank Of New York Mellon Corporation (The) (BK)

CIBC Asset Management Inc reduced its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 103,638 shares of the bank’s stock after selling 227 shares during the period. CIBC Asset Management Inc’s holdings in Bank Of New York Mellon Corporation (The) were worth $5,288,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BK. Bronfman E.L. Rothschild L.P. increased its stake in Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock valued at $104,000 after buying an additional 92 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at $111,000. Hudock Capital Group LLC increased its stake in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock valued at $120,000 after buying an additional 7 shares during the last quarter. QCI Asset Management Inc. NY purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at $125,000. Finally, Exane Derivatives purchased a new stake in Bank Of New York Mellon Corporation (The) during the second quarter valued at $130,000. 82.02% of the stock is owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (NYSE BK) opened at 52.10 on Friday. The firm’s 50-day moving average price is $52.79 and its 200-day moving average price is $48.77. The firm has a market cap of $53.83 billion, a PE ratio of 15.45 and a beta of 1.15. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59.

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 (EPS) 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 analyst estimates 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 firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.76 earnings per share. Equities research analysts expect that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

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

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 $0.24 dividend. 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 was Friday, July 28th. This represents a $0.96 annualized dividend and a yield of 1.84%. Bank Of New York Mellon Corporation (The)’s payout ratio is 28.40%.

Several analysts have recently weighed in on the company. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Sunday, August 6th. Buckingham Research reaffirmed a “neutral” rating and set a $57.00 price objective (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research note on Monday, July 10th. Jefferies Group LLC reaffirmed a “hold” rating and set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Wednesday, May 17th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research note 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 price objective for the company in a research note on Monday, July 24th. Two equities 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 given a strong buy rating to the company. Bank Of New York Mellon Corporation (The) currently 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 700,719 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Monday, August 7th. The shares were 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 in the company, valued at $67,577,371.02. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of Bank Of New York Mellon Corporation (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 transaction of $2,340,825.00. Following the completion of 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. In the last 90 days, insiders sold 10,931,137 shares of company stock worth $581,058,723. 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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