Synovus Financial Corp Grows Holdings in Bank Of New York Mellon Corporation (The) (BK)

Synovus Financial Corp raised its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 3.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,004 shares of the bank’s stock after purchasing an additional 438 shares during the period. Synovus Financial Corp’s holdings in Bank Of New York Mellon Corporation (The) were worth $613,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. raised its position in Bank Of New York Mellon Corporation (The) by 4.4% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock valued at $104,000 after purchasing an additional 92 shares in the last quarter. First Interstate Bank raised its position in Bank Of New York Mellon Corporation (The) by 56.2% during the second quarter. First Interstate Bank now owns 2,339 shares of the bank’s stock valued at $119,000 after purchasing an additional 842 shares in the last quarter. Exane Derivatives purchased a new stake in Bank Of New York Mellon Corporation (The) during the second quarter valued at about $130,000. Hudock Capital Group LLC raised its position in Bank Of New York Mellon Corporation (The) by 0.3% during the second quarter. Hudock Capital Group LLC now owns 2,556 shares of the bank’s stock valued at $130,000 after purchasing an additional 7 shares in the last quarter. Finally, QCI Asset Management Inc. NY purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter valued at about $125,000. Institutional investors and hedge funds own 81.80% of the company’s stock.

In other Bank Of New York Mellon Corporation (The) news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total value of $9,947,301.00. Following the transaction, the insider now directly owns 455,927 shares in the company, valued at approximately $24,597,261.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the stock in a transaction that occurred 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 in the company, valued at $10,793,874.70. The disclosure for this sale can be found here. Insiders sold a total of 10,931,137 shares of company stock worth $581,058,723 over the last 90 days. Insiders own 3.60% of the company’s stock.

Shares of Bank Of New York Mellon Corporation (BK) opened at 51.99 on Wednesday. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59. The firm has a 50-day moving average of $52.63 and a 200 day moving average of $49.44. The stock has a market capitalization of $53.71 billion, a price-to-earnings ratio of 15.42 and a beta of 1.14.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the Zacks’ 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 for the quarter was up .4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.76 EPS. On average, equities research analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) declared that its board has initiated a share buyback plan on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 5.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

BK has been the topic of a number of research reports. Royal Bank Of Canada restated a “hold” rating and set a $58.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Thursday, August 31st. UBS AG downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “neutral” rating and set a $56.00 price target on the stock. in a research report on Friday, September 8th. Bank of America Corporation restated an “underperform” rating and set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, May 26th. BidaskClub cut Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, Deutsche Bank AG raised their price objective on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) presently has an average rating of “Hold” and a consensus target price of $53.59.

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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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