Commerce Bank Increases Stake in Bank Of New York Mellon Corporation (The) (BK)

Commerce Bank lifted its holdings in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 3.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,326 shares of the bank’s stock after purchasing an additional 931 shares during the quarter. Commerce Bank’s holdings in Bank Of New York Mellon Corporation (The) were worth $1,445,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of 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 worth $3,133,681,000 after purchasing an additional 1,905,810 shares in the last quarter. BlackRock Inc. lifted its position in shares of 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 worth $2,727,121,000 after purchasing an additional 55,073,730 shares in the last quarter. Longview Partners Guernsey LTD lifted its position in shares of Bank Of New York Mellon Corporation (The) by 4.6% in the second quarter. Longview Partners Guernsey LTD now owns 16,519,184 shares of the bank’s stock worth $842,809,000 after purchasing an additional 726,898 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of 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 worth $491,122,000 after purchasing an additional 1,085,595 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of 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 worth $463,187,000 after purchasing an additional 780,125 shares in the last quarter. 81.80% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently commented on BK. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Jefferies Group LLC reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Royal Bank Of Canada reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, July 21st. Bank of America Corporation set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research report on Friday, July 21st. Finally, Buckingham Research reissued a “neutral” rating and issued a $57.00 price objective (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.59.

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Bank Of New York Mellon Corporation (NYSE:BK) opened at 50.43 on Friday. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The firm has a 50 day moving average of $52.68 and a 200 day moving average of $49.38. The firm has a market capitalization of $52.10 billion, a P/E ratio of 14.96 and a beta of 1.14.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The business had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same period last year, the business earned $0.76 EPS. The business’s revenue was up .4% on a year-over-year basis. On average, analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 28th that allows the company to buyback $3.10 billion in shares. This buyback authorization allows the bank to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are often 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 11th. Shareholders of record on Tuesday, August 1st were paid a dividend of $0.24 per share. The ex-dividend date was 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 yield of 1.90%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is 28.40%.

In other news, Chairman Gerald L. Hassell sold 700,719 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the completion of the sale, the chairman now directly owns 1,253,522 shares of the company’s stock, valued at approximately $67,577,371.02. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Charles W. Scharf bought 186,900 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were acquired at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the transaction, the chief executive officer now owns 73,640 shares in the company, valued at $3,963,304.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 10,931,137 shares of company stock worth $581,058,723. Company insiders own 3.60% of the company’s stock.

About Bank Of New York Mellon Corporation (The)

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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