Pflug Koory LLC lifted its holdings in Bank of New York Mellon Corp (NYSE:BK) by 69.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,185 shares of the bank’s stock after purchasing an additional 485 shares during the period. Pflug Koory LLC’s holdings in Bank of New York Mellon were worth $52,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Bank of New York Mellon by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 10,721,814 shares of the bank’s stock worth $503,675,000 after purchasing an additional 655,356 shares during the period. Marathon Asset Management LLP lifted its stake in shares of Bank of New York Mellon by 13.6% in the 2nd quarter. Marathon Asset Management LLP now owns 1,550,270 shares of the bank’s stock worth $68,439,000 after purchasing an additional 185,144 shares during the period. First Trust Advisors LP lifted its stake in shares of Bank of New York Mellon by 25.2% in the 2nd quarter. First Trust Advisors LP now owns 1,461,024 shares of the bank’s stock worth $64,504,000 after purchasing an additional 293,957 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in shares of Bank of New York Mellon by 0.9% in the 1st quarter. Public Employees Retirement Association of Colorado now owns 1,262,352 shares of the bank’s stock worth $63,660,000 after purchasing an additional 11,228 shares during the period. Finally, Bank of Montreal Can lifted its stake in shares of Bank of New York Mellon by 11.4% in the 1st quarter. Bank of Montreal Can now owns 1,141,671 shares of the bank’s stock worth $57,573,000 after purchasing an additional 116,866 shares during the period. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Bank of New York Mellon stock traded up $0.68 during midday trading on Friday, hitting $42.35. The stock had a trading volume of 108,141 shares, compared to its average volume of 5,525,370. The firm’s fifty day moving average is $44.98 and its two-hundred day moving average is $48.10. The company has a market capitalization of $41.17 billion, a PE ratio of 10.05, a P/E/G ratio of 1.34 and a beta of 1.07. Bank of New York Mellon Corp has a 52-week low of $41.42 and a 52-week high of $54.27. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.79.
Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, July 17th. The bank reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same period in the prior year, the firm posted $1.03 EPS. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. As a group, equities research analysts predict that Bank of New York Mellon Corp will post 3.94 earnings per share for the current fiscal year.
Bank of New York Mellon announced that its Board of Directors has initiated a share repurchase plan on Thursday, June 27th that authorizes the company to buyback $3.94 billion in shares. This buyback authorization authorizes the bank to repurchase up to 9.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Monday, July 29th were issued a dividend of $0.31 per share. This is a positive change 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 yield of 2.93%. The ex-dividend date was Friday, July 26th. Bank of New York Mellon’s dividend payout ratio (DPR) is 29.45%.
In related news, Vice Chairman William M. Daley acquired 11,350 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was acquired 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 approximately $256,101. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
Several equities research analysts recently issued reports on BK shares. Royal Bank of Canada reduced their target price on shares of Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a report on Thursday, April 18th. UBS Group reduced their target price on shares of Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a report on Wednesday, June 26th. Buckingham Research reduced their target price on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. ValuEngine lowered shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. reduced their target price on shares of 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 issued a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $49.64.
Bank of New York Mellon Company 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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