Regentatlantic Capital LLC lifted its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 9.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,150 shares of the bank’s stock after purchasing an additional 1,247 shares during the period. Regentatlantic Capital LLC’s holdings in Bank of New York Mellon were worth $625,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in BK. C J Advisory Inc bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $28,000. Financial Gravity Wealth Inc. bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $41,000. Prime Capital Investment Advisors LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $42,000. Truvestments Capital LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $55,000. Finally, Strategy Asset Managers LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter worth $65,000. Institutional investors own 84.02% of the company’s stock.
BK traded up $0.06 during trading hours on Friday, hitting $46.03. The stock had a trading volume of 4,764,597 shares, compared to its average volume of 5,163,382. The firm’s fifty day simple moving average is $44.64. Bank of New York Mellon Corp has a 1 year low of $42.13 and a 1 year high of $54.27. The stock has a market capitalization of $44.02 billion, a PE ratio of 10.93, a PEG ratio of 1.41 and a beta of 1.07. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.68 and a current ratio of 0.71.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the firm posted $1.03 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. Analysts predict that Bank of New York Mellon Corp will post 3.96 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Monday, July 29th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.24 annualized dividend and a yield of 2.69%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio (DPR) is 29.45%.
Bank of New York Mellon declared that its board has authorized a share buyback plan on Thursday, June 27th that authorizes the company to buyback $3.94 billion in shares. This buyback authorization authorizes the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
A number of equities research analysts have recently commented on BK shares. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $46.00 to $47.00 in a research note on Thursday, July 18th. Royal Bank of Canada decreased their price objective on Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a report on Thursday, April 18th. ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Morgan Stanley lowered Bank of New York Mellon from an “overweight” rating to an “underweight” rating in a report on Monday, July 8th. Finally, JPMorgan Chase & Co. decreased their price objective on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Bank of New York Mellon currently has an average rating of “Hold” and a consensus price target of $50.45.
In other Bank of New York Mellon news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the completion of the transaction, the insider now owns 539,052 shares of the company’s stock, valued at approximately $25,184,509.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman William M. Daley bought 11,350 shares of Bank of New York Mellon stock in a transaction on Thursday, July 18th. The shares were bought at an average cost of $44.93 per share, with a total value of $509,955.50. Following the acquisition, the insider now directly owns 5,700 shares in the company, valued at $256,101. The disclosure for this purchase can be found here. Company insiders own 1.71% of the company’s stock.
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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