IBM Retirement Fund Has $1.09 Million Position in Bank of New York Mellon Corp (BK)

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IBM Retirement Fund decreased its position in Bank of New York Mellon Corp (NYSE:BK) by 15.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,263 shares of the bank’s stock after selling 3,728 shares during the quarter. IBM Retirement Fund’s holdings in Bank of New York Mellon were worth $1,093,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. FMR LLC raised its holdings in Bank of New York Mellon by 123.2% in the second quarter. FMR LLC now owns 18,383,793 shares of the bank’s stock valued at $991,438,000 after acquiring an additional 10,147,809 shares in the last quarter. Trian Fund Management L.P. raised its holdings in Bank of New York Mellon by 2.3% during the first quarter. Trian Fund Management L.P. now owns 16,136,596 shares of the bank’s stock worth $831,519,000 after purchasing an additional 360,164 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Bank of New York Mellon by 0.5% during the second quarter. Artisan Partners Limited Partnership now owns 13,668,727 shares of the bank’s stock worth $737,154,000 after purchasing an additional 63,107 shares in the last quarter. Fiduciary Management Inc. WI raised its holdings in Bank of New York Mellon by 1.0% during the first quarter. Fiduciary Management Inc. WI now owns 8,125,128 shares of the bank’s stock worth $418,688,000 after purchasing an additional 80,755 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Bank of New York Mellon by 2.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 3,734,065 shares of the bank’s stock worth $201,379,000 after purchasing an additional 102,825 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

BK has been the topic of a number of research analyst reports. 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. Zacks Investment Research raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Wednesday, May 16th. Keefe, Bruyette & Woods set a $56.00 price objective on shares of Bank of New York Mellon and gave the stock a “hold” rating in a report on Thursday, July 19th. Sandler O’Neill reissued a “hold” rating on shares of Bank of New York Mellon in a report on Friday, July 13th. Finally, Raymond James cut shares of Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a report on Thursday, July 12th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $58.70.

Shares of Bank of New York Mellon stock opened at $52.25 on Thursday. The firm has a market capitalization of $52.15 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 1.63 and a beta of 1.04. Bank of New York Mellon Corp has a 12 month low of $49.39 and a 12 month high of $58.99. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69.

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

The firm also recently announced a quarterly dividend, which was paid on Friday, August 10th. Stockholders of record on Tuesday, July 31st were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.14%. 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. Bank of New York Mellon’s payout ratio is presently 31.11%.

Bank of New York Mellon declared that its Board of Directors has approved a share repurchase plan on Thursday, June 28th that allows the company to repurchase $2.40 billion in outstanding shares. This repurchase authorization allows the bank to purchase up to 4.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

About Bank of New York Mellon

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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