CHICAGO TRUST Co NA raised its holdings in Bank of New York Mellon Corp (NYSE:BK) by 4.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,293 shares of the bank’s stock after buying an additional 264 shares during the quarter. CHICAGO TRUST Co NA’s holdings in Bank of New York Mellon were worth $278,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Sather Financial Group Inc raised its stake in Bank of New York Mellon by 68.0% during the second quarter. Sather Financial Group Inc now owns 425,448 shares of the bank’s stock valued at $18,783,000 after buying an additional 172,169 shares during the last quarter. Dowling & Yahnke LLC purchased a new position in shares of Bank of New York Mellon in the second quarter worth $2,750,000. First National Trust Co raised its stake in shares of Bank of New York Mellon by 12.2% in the second quarter. First National Trust Co now owns 5,316 shares of the bank’s stock worth $235,000 after purchasing an additional 579 shares during the last quarter. AE Wealth Management LLC bought a new stake in shares of Bank of New York Mellon in the second quarter worth $1,152,000. Finally, Kistler Tiffany Companies LLC grew its holdings in shares of Bank of New York Mellon by 10.7% in the second quarter. Kistler Tiffany Companies LLC now owns 5,508 shares of the bank’s stock worth $243,000 after acquiring an additional 534 shares during the period. Hedge funds and other institutional investors own 84.13% of the company’s stock.
Several analysts recently commented on BK shares. Morgan Stanley set a $36.00 price objective on ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and lifted their price objective for the stock from $46.00 to $47.00 in a report on Thursday, July 18th. Deutsche Bank reaffirmed a “buy” rating and issued a GBX 4,000 ($52.27) price objective on shares of in a report on Tuesday, June 18th. Royal Bank of Canada reissued a “neutral” rating and set a $145.00 price target on shares of Travelers Companies in a report on Thursday, April 18th. Finally, ValuEngine raised Vermillion from a “hold” rating to a “buy” rating in a report on Wednesday, May 15th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $50.45.
In other Bank of New York Mellon news, Vice Chairman William M. Daley bought 11,350 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $44.93 per share, with a total value of $509,955.50. Following the completion of the purchase, the insider now owns 5,700 shares in the company, valued at approximately $256,101. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. Corporate insiders own 1.71% of the company’s stock.
Shares of Bank of New York Mellon stock traded up $0.31 during trading hours on Friday, hitting $47.60. The company’s stock had a trading volume of 553,285 shares, compared to its average volume of 4,698,981. The stock has a 50 day moving average price of $44.23. Bank of New York Mellon Corp has a 12-month low of $42.13 and a 12-month high of $54.27. The firm has a market cap of $45.10 billion, a P/E ratio of 11.31, a PEG ratio of 1.44 and a beta of 1.04. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of 0.79.
Bank of New York Mellon (NYSE:BK) last posted its earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.07. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.92 billion. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.03 earnings per share. As a group, analysts predict that Bank of New York Mellon Corp will post 3.95 EPS for the current year.
The company also recently announced 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. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date of this dividend is Friday, July 26th. Bank of New York Mellon’s payout ratio is currently 26.60%.
Bank of New York Mellon declared that its board has approved a share repurchase plan on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
Bank of New York Mellon 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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