Bank of New York Mellon Corp (NYSE:BK) Vice Chairman Thomas P. Gibbons sold 318,556 shares of the firm’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the completion of the sale, the insider now owns 539,052 shares in the company, valued at $25,184,509.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of BK stock traded up $0.31 on Friday, reaching $47.60. The company had a trading volume of 4,785,213 shares, compared to its average volume of 5,020,125. The firm has a market capitalization of $45.10 billion, a PE ratio of 11.31, a PEG ratio of 1.44 and a beta of 1.04. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.68. Bank of New York Mellon Corp has a one year low of $42.13 and a one year high of $54.27. The firm has a 50-day simple moving average of $44.23.
Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the business earned $1.03 EPS. The company’s revenue was down 5.2% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of New York Mellon Corp will post 3.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Monday, July 29th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.24 annualized dividend and a yield of 2.61%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 26.60%.
Bank of New York Mellon declared that its board has initiated a share buyback program on Thursday, June 27th that permits the company to buyback $3.94 billion in outstanding shares. This buyback authorization permits the bank to repurchase up to 9.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
Several analysts have issued reports on BK shares. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, June 26th. JPMorgan Chase & Co. started coverage on shares of Pinduoduo in a research report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 price target on the stock. Royal Bank of Canada restated a “neutral” rating and issued a $145.00 price target on shares of Travelers Companies in a research report on Thursday, April 18th. Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Finally, Buckingham Research decreased their target price on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $50.45.
A number of institutional investors and hedge funds have recently bought and sold shares of BK. C J Advisory Inc bought a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $28,000. Trustcore Financial Services LLC raised its holdings in Bank of New York Mellon by 204.6% in the second quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after purchasing an additional 442 shares in the last quarter. Valley National Advisers Inc. raised its holdings in Bank of New York Mellon by 76.5% in the fourth quarter. Valley National Advisers Inc. now owns 713 shares of the bank’s stock worth $34,000 after purchasing an additional 309 shares in the last quarter. Financial Gravity Wealth Inc. bought a new position in Bank of New York Mellon in the first quarter worth $41,000. Finally, Prime Capital Investment Advisors LLC bought a new position in Bank of New York Mellon in the first quarter worth $42,000. 84.13% of the stock is currently owned by hedge funds and other institutional investors.
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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