Bank Of New York Mellon Corporation (The) (NYSE:BK) Stake Raised by Heritage Way Advisors LLC

Heritage Way Advisors LLC boosted its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,747 shares of the bank’s stock after buying an additional 475 shares during the period. Bank Of New York Mellon Corporation (The) comprises 1.9% of Heritage Way Advisors LLC’s investment portfolio, making the stock its 14th largest position. Heritage Way Advisors LLC’s holdings in Bank Of New York Mellon Corporation (The) were worth $2,181,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Bank Of New York Mellon Corporation (The) by 3.0% in the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock valued at $3,133,681,000 after buying an additional 1,905,810 shares during the period. BlackRock Inc. raised its stake in Bank Of New York Mellon Corporation (The) by 2,064.6% in the first quarter. BlackRock Inc. now owns 57,741,220 shares of the bank’s stock valued at $2,727,121,000 after buying an additional 55,073,730 shares during the period. Geode Capital Management LLC raised its stake in Bank Of New York Mellon Corporation (The) by 11.6% in the first quarter. Geode Capital Management LLC now owns 10,413,009 shares of the bank’s stock valued at $491,122,000 after buying an additional 1,085,595 shares during the period. JPMorgan Chase & Co. raised its stake in Bank Of New York Mellon Corporation (The) by 8.6% in the first quarter. JPMorgan Chase & Co. now owns 9,807,053 shares of the bank’s stock valued at $463,187,000 after buying an additional 780,125 shares during the period. Finally, Clearbridge Investments LLC raised its stake in Bank Of New York Mellon Corporation (The) by 0.5% in the first quarter. Clearbridge Investments LLC now owns 9,518,101 shares of the bank’s stock valued at $449,540,000 after buying an additional 51,390 shares during the period. Institutional investors own 82.44% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE:BK) opened at 54.04 on Thursday. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59. The firm’s 50-day moving average price is $52.28 and its 200-day moving average price is $48.41. The firm has a market capitalization of $55.83 billion, a PE ratio of 16.03 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion during the quarter, compared to analysts’ expectations 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%. Bank Of New York Mellon Corporation (The)’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the previous year, the company 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 fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, July 28th. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a dividend yield of 1.78%. Bank Of New York Mellon Corporation (The)’s payout ratio is currently 28.40%.

Bank Of New York Mellon Corporation (The) declared that its board has authorized a stock 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 reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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Several equities research analysts have commented on BK shares. Rafferty Capital Markets reiterated a “buy” rating and set a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Bank of America Corporation restated an “underperform” rating and issued a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, May 26th. BidaskClub lowered Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Deutsche Bank AG upped their price target on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Finally, Royal Bank Of Canada restated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) has an average rating of “Hold” and an average target price of $53.00.

In related news, CEO Charles W. Scharf acquired 186,900 shares of the stock in a transaction dated Tuesday, August 8th. The stock was bought at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following the purchase, the chief executive officer now directly owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Gerald L. Hassell sold 700,719 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the sale, the chairman now directly owns 1,253,522 shares of the company’s stock, valued at $67,577,371.02. The disclosure for this sale can be found here. 3.60% of the stock is owned by insiders.

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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