Farmers National Bank Reduces Position in Bank Of New York Mellon Corporation (The) (BK)

Farmers National Bank decreased its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 4.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 38,394 shares of the bank’s stock after selling 1,800 shares during the period. Farmers National Bank’s holdings in Bank Of New York Mellon Corporation (The) were worth $1,531,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Northern Oak Wealth Management Inc. raised its stake in shares of Bank Of New York Mellon Corporation (The) by 14.9% in the first quarter. Northern Oak Wealth Management Inc. now owns 19,768 shares of the bank’s stock worth $934,000 after buying an additional 2,565 shares during the last quarter. Meridian Wealth Management LLC raised its stake in shares of Bank Of New York Mellon Corporation (The) by 10.5% in the first quarter. Meridian Wealth Management LLC now owns 9,996 shares of the bank’s stock worth $472,000 after buying an additional 950 shares during the last quarter. FNY Partners Fund LP bought a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $290,000. Greenwood Gearhart Inc. raised its stake in Bank Of New York Mellon Corporation (The) by 4.8% in the first quarter. Greenwood Gearhart Inc. now owns 125,386 shares of the bank’s stock worth $5,922,000 after buying an additional 5,755 shares in the last quarter. Finally, Bragg Financial Advisors Inc raised its stake in Bank Of New York Mellon Corporation (The) by 1.5% in the first quarter. Bragg Financial Advisors Inc now owns 100,962 shares of the bank’s stock worth $4,768,000 after buying an additional 1,480 shares in the last quarter. 82.02% of the stock is currently owned by hedge funds and other institutional investors.

Bank Of New York Mellon Corporation (NYSE:BK) opened at 52.10 on Friday. The firm has a market cap of $53.83 billion, a P/E ratio of 15.45 and a beta of 1.15. The firm has a 50 day moving average of $52.79 and a 200 day moving average of $48.77. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59.

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

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

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 5.9% 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.

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Several analysts have recently commented on the company. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Sunday, August 6th. Buckingham Research reissued a “neutral” rating and issued a $57.00 target price (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Jefferies Group LLC reissued a “hold” rating and issued a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. Credit Suisse Group reaffirmed a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Finally, Zacks Investment Research raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $53.12.

In related news, Vice Chairman Brian T. Shea sold 44,250 shares of the business’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the transaction, the insider now owns 204,043 shares of the company’s stock, valued at $10,793,874.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Gerald L. Hassell sold 1,788 shares of the business’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $94,835.52. Following the transaction, the chairman now directly owns 872,606 shares in the company, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. Insiders have sold 10,931,137 shares of company stock worth $581,058,723 in the last ninety days. 3.60% of the stock is currently owned by 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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