Westbourne Investment Advisors Inc. Has $232,000 Position in Bank Of New York Mellon Corporation (The) (BK)

Westbourne Investment Advisors Inc. decreased its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,554 shares of the bank’s stock after selling 118 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $232,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of BK. Bronfman E.L. Rothschild L.P. increased its position in 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 bought a new position in Bank Of New York Mellon Corporation (The) during the first quarter worth approximately $111,000. Hudock Capital Group LLC increased its position in 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 bought a new position in Bank Of New York Mellon Corporation (The) during the first quarter worth approximately $125,000. Finally, Quadrant Capital Group LLC increased its position in Bank Of New York Mellon Corporation (The) by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,726 shares of the bank’s stock worth $167,000 after buying an additional 94 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.46% on Friday, hitting $52.19. 5,932,583 shares of the company’s stock traded hands. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59. The firm’s 50-day moving average price is $52.42 and its 200 day moving average price is $48.49. The company has a market cap of $53.92 billion, a price-to-earnings ratio of 15.48 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The firm’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company posted $0.76 earnings per share. On average, equities research analysts expect that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were issued a $0.24 dividend. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date was Friday, July 28th. Bank Of New York Mellon Corporation (The)’s payout ratio is presently 28.40%.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

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A number of research analysts have recently issued reports on the stock. Wells Fargo & Company assumed coverage on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday. They issued a “market perform” rating and a $55.00 price target on the stock. BidaskClub downgraded shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Rafferty Capital Markets reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Wednesday, May 17th. Finally, Bank of America Corporation set a $49.00 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a report on Saturday, May 27th. Two 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 stock. Bank Of New York Mellon Corporation (The) presently has an average rating of “Hold” and a consensus target price of $53.12.

In other news, CEO Charles W. Scharf acquired 186,900 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The stock was purchased 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 directly owns 73,640 shares in the company, valued at approximately $3,963,304.80. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total value of $9,947,301.00. Following the sale, the insider now owns 455,927 shares of the company’s stock, valued at approximately $24,597,261.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,885,099 shares of company stock valued at $578,623,062. 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.

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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