Candriam Luxembourg S.C.A. boosted its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 7.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 74,452 shares of the bank’s stock after buying an additional 4,859 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Bank Of New York Mellon Corporation (The) were worth $3,799,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in BK. Bronfman E.L. Rothschild L.P. increased its position in shares of 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 worth $104,000 after buying an additional 92 shares during the period. Advisory Services Network LLC acquired a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $111,000. Hudock Capital Group LLC increased its position in shares of 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 worth $120,000 after buying an additional 7 shares during the period. QCI Asset Management Inc. NY acquired a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $125,000. Finally, Exane Derivatives acquired a new position in shares of Bank Of New York Mellon Corporation (The) during the second quarter worth about $130,000. 82.02% of the stock is owned by hedge funds and other institutional investors.
Bank Of New York Mellon Corporation (NYSE BK) opened at 52.19 on Tuesday. The stock has a market capitalization of $53.92 billion, a price-to-earnings ratio of 15.48 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 $52.82 and a 200 day moving average price of $48.88.
Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same period in the previous year, the company posted $0.76 EPS. Bank Of New York Mellon Corporation (The)’s revenue was up .4% on a year-over-year basis. Equities research analysts predict 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 approved a stock repurchase plan on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were issued a dividend of $0.24 per share. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Friday, July 28th. Bank Of New York Mellon Corporation (The)’s payout ratio is currently 28.40%.
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A number of brokerages have recently issued reports on BK. Wells Fargo & Company began coverage on Bank Of New York Mellon Corporation (The) in a research note on Wednesday, August 9th. They set a “market perform” rating and a $55.00 target price for the company. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Sunday, August 6th. 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 for the company in a research note on Monday, July 24th. Royal Bank Of Canada reissued 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 target on Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $53.12.
In other news, Vice Chairman Brian T. Shea sold 44,250 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the transaction, the insider now directly owns 204,043 shares in the company, valued at approximately $10,793,874.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Charles W. Scharf purchased 186,900 shares of the stock in a transaction dated 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 completion of the acquisition, the chief executive officer now owns 73,640 shares in the company, valued at $3,963,304.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 10,931,137 shares of company stock worth $581,058,723. 3.60% of the stock is currently owned by corporate 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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