Cibc World Markets Corp increased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 11.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 313,395 shares of the bank’s stock after purchasing an additional 33,442 shares during the period. Cibc World Markets Corp’s holdings in The Bank of New York Mellon were worth $16,055,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently modified their holdings of BK. Ameritas Investment Company LLC acquired a new position in The Bank of New York Mellon during the first quarter worth $30,000. Arkadios Wealth Advisors boosted its position in The Bank of New York Mellon by 48.1% during the second quarter. Arkadios Wealth Advisors now owns 619 shares of the bank’s stock worth $31,000 after purchasing an additional 201 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in The Bank of New York Mellon by 260.7% during the first quarter. Massmutual Trust Co. FSB ADV now owns 725 shares of the bank’s stock worth $34,000 after purchasing an additional 524 shares during the period. Harbour Investments Inc. bought a new position in The Bank of New York Mellon during the first quarter worth $35,000. Finally, Moisand Fitzgerald Tamayo LLC bought a new stake in shares of The Bank of New York Mellon in the second quarter valued at about $36,000. Institutional investors and hedge funds own 82.50% of the company’s stock.
In other The Bank of New York Mellon news, EVP Salla Francis J. La sold 25,000 shares of the stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $49.41, for a total transaction of $1,235,250.00. Following the transaction, the executive vice president now directly owns 69,299 shares in the company, valued at approximately $3,424,063.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.12% of the company’s stock.
The Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 14th. The bank reported $1.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.13. The Bank of New York Mellon had a return on equity of 9.27% and a net margin of 22.86%. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.86 billion. During the same period in the prior year, the business posted $1.01 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. Equities analysts anticipate that The Bank of New York Mellon Co. will post 4.16 EPS for the current year.
The Bank of New York Mellon declared that its Board of Directors has initiated a share repurchase program on Monday, June 28th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the bank to purchase up to 13.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, August 9th. Investors of record on Tuesday, July 27th were issued a $0.34 dividend. The ex-dividend date was Monday, July 26th. This is a boost from The Bank of New York Mellon’s previous quarterly dividend of $0.31. This represents a $1.36 annualized dividend and a yield of 2.66%. The Bank of New York Mellon’s dividend payout ratio is presently 33.92%.
A number of brokerages have recently issued reports on BK. Citigroup boosted their target price on shares of The Bank of New York Mellon from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley boosted their target price on shares of The Bank of New York Mellon from $46.00 to $56.00 and gave the company an “equal weight” rating in a research report on Thursday, July 29th. Credit Suisse Group upped their price objective on shares of The Bank of New York Mellon from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Friday, July 16th. Keefe, Bruyette & Woods raised shares of The Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $59.00 price objective for the company in a research report on Thursday, June 17th. Finally, Argus raised shares of The Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price objective for the stock from $54.75 to $55.00 in a research report on Tuesday, July 20th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, The Bank of New York Mellon presently has an average rating of “Buy” and a consensus price target of $53.50.
The Bank of New York Mellon Profile
The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Investment Services and Investment and Wealth Management. The Investment Services and Investment segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange.
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