People s United Financial Inc. Has $4.60 Million Position in Bank of New York Mellon Corp (BK)

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People s United Financial Inc. reduced its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 85,233 shares of the bank’s stock after selling 7,001 shares during the period. People s United Financial Inc.’s holdings in Bank of New York Mellon were worth $4,597,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Segall Bryant & Hamill LLC lifted its holdings in Bank of New York Mellon by 0.8% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 114,420 shares of the bank’s stock valued at $6,171,000 after purchasing an additional 954 shares during the last quarter. Manchester Capital Management LLC increased its position in Bank of New York Mellon by 17.2% in the 2nd quarter. Manchester Capital Management LLC now owns 8,950 shares of the bank’s stock valued at $483,000 after acquiring an additional 1,315 shares in the last quarter. Schwab Charles Investment Management Inc. increased its position in Bank of New York Mellon by 2.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,734,065 shares of the bank’s stock valued at $201,379,000 after acquiring an additional 102,825 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC acquired a new stake in Bank of New York Mellon in the 2nd quarter valued at about $232,000. Finally, LSV Asset Management increased its position in Bank of New York Mellon by 4.8% in the 2nd quarter. LSV Asset Management now owns 3,567,820 shares of the bank’s stock valued at $192,412,000 after acquiring an additional 164,720 shares in the last quarter. 82.82% of the stock is owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on BK shares. Zacks Investment Research cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Monday, May 21st. ValuEngine cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Raymond James cut shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 12th. Vining Sparks restated a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a research report on Monday, July 23rd. Finally, Sandler O’Neill restated a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $58.70.

Shares of NYSE:BK opened at $51.69 on Friday. Bank of New York Mellon Corp has a one year low of $49.39 and a one year high of $58.99. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.82. The company has a market cap of $51.02 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.59 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 EPS for the quarter, topping the consensus estimate of $1.02 by $0.01. Bank of New York Mellon had a net margin of 25.08% and a return on equity of 11.40%. The company had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the company earned $0.88 EPS. Bank of New York Mellon’s revenue was up 4.6% on a year-over-year basis. equities research analysts forecast that Bank of New York Mellon Corp will post 4.18 earnings per share for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has approved a stock repurchase program on Thursday, June 28th that allows the company to buyback $2.40 billion in shares. This buyback authorization allows the bank to buy up to 4.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 10th. Stockholders of record on Tuesday, July 31st were given a dividend of $0.28 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, July 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.17%. Bank of New York Mellon’s payout ratio is currently 31.11%.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.

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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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