Bank Of New York Mellon Corporation (The) (NYSE:BK) Position Cut by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 4.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,935 shares of the bank’s stock after selling 1,319 shares during the period. Oppenheimer & Co. Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $1,319,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. 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. Kistler Tiffany Companies LLC increased its position in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Kistler Tiffany Companies LLC now owns 4,142 shares of the bank’s stock worth $196,000 after buying an additional 13 shares during the period. Alpha Windward LLC increased its position in Bank Of New York Mellon Corporation (The) by 0.4% in the first quarter. Alpha Windward LLC now owns 5,648 shares of the bank’s stock worth $267,000 after buying an additional 24 shares during the period. Rehmann Capital Advisory Group increased its position in Bank Of New York Mellon Corporation (The) by 0.7% in the first quarter. Rehmann Capital Advisory Group now owns 5,236 shares of the bank’s stock worth $247,000 after buying an additional 36 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Bank Of New York Mellon Corporation (The) by 0.6% in the first quarter. Teacher Retirement System of Texas now owns 11,171 shares of the bank’s stock worth $528,000 after buying an additional 68 shares during the period. 82.02% of the stock is owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (BK) traded up 0.58% during mid-day trading on Friday, reaching $52.10. 5,424,014 shares of the company’s stock traded hands. 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 12-month low of $38.68 and a 12-month high of $54.59. The company has a market cap of $53.83 billion, a P/E ratio of 15.45 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 earnings per share. Equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that permits the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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

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A number of analysts have commented on the stock. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Jefferies Group LLC reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, July 11th. Buckingham Research reiterated a “neutral” rating and issued a $57.00 price target (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research note on Monday, July 10th. Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Finally, Bank of America Corporation set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research note on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. Bank Of New York Mellon Corporation (The) currently has an average rating of “Hold” and a consensus price target of $53.12.

In other Bank Of New York Mellon Corporation (The) news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $53.09, for a total transaction of $530,900,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 204,043 shares in the company, valued at $10,793,874.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,931,137 shares of company stock worth $581,058,723. Insiders own 3.60% of the company’s stock.

Bank Of New York Mellon Corporation (The) Company Profile

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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