Tredje AP fonden lifted its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 47.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 127,897 shares of the bank’s stock after acquiring an additional 41,203 shares during the quarter. Tredje AP fonden’s holdings in Bank of New York Mellon were worth $6,897,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of BK. Summit Trail Advisors LLC increased its position in shares of Bank of New York Mellon by 5,067.9% during the first quarter. Summit Trail Advisors LLC now owns 2,463,362 shares of the bank’s stock worth $2,463,000 after acquiring an additional 2,415,695 shares during the period. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Bank of New York Mellon during the first quarter valued at approximately $117,549,000. LSV Asset Management increased its holdings in Bank of New York Mellon by 195.3% during the first quarter. LSV Asset Management now owns 3,403,100 shares of the bank’s stock valued at $175,361,000 after buying an additional 2,250,655 shares during the period. Federated Investors Inc. PA increased its holdings in Bank of New York Mellon by 1,042.8% during the first quarter. Federated Investors Inc. PA now owns 2,195,351 shares of the bank’s stock valued at $113,126,000 after buying an additional 2,003,240 shares during the period. Finally, Natixis increased its holdings in Bank of New York Mellon by 5,747.4% during the first quarter. Natixis now owns 679,178 shares of the bank’s stock valued at $34,846,000 after buying an additional 667,563 shares during the period. 83.25% of the stock is currently owned by institutional investors and hedge funds.
NYSE BK traded up $0.17 on Tuesday, hitting $52.11. The stock had a trading volume of 27,811 shares, compared to its average volume of 5,852,787. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.82. Bank of New York Mellon Corp has a 52-week low of $49.39 and a 52-week high of $58.99. The firm has a market capitalization of $51.69 billion, a P/E ratio of 14.44, a P/E/G ratio of 1.61 and a beta of 1.09.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same period in the previous year, the company earned $0.88 earnings per share. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. sell-side analysts predict 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 has approved a stock buyback program on Thursday, June 28th that authorizes the company to buyback $2.40 billion in shares. This buyback authorization authorizes the bank to purchase up to 4.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, August 10th. Shareholders of record on Tuesday, July 31st were issued a $0.28 dividend. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.24. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date was Monday, July 30th. Bank of New York Mellon’s payout ratio is currently 31.11%.
BK has been the topic of several research reports. Raymond James lowered shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a report on Thursday, July 12th. Zacks Investment Research raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $65.00 price objective on the stock in a report on Tuesday, May 22nd. Vining Sparks reissued a “buy” rating and set a $62.00 price objective on shares of Bank of New York Mellon in a report on Monday, July 23rd. Sandler O’Neill reissued a “hold” rating on shares of Bank of New York Mellon in a report on Friday, July 13th. Finally, ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Bank of New York Mellon currently has a consensus rating of “Hold” and a consensus target price of $58.70.
Bank of New York Mellon 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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