Bank Of New York Mellon Corporation (The) (BK) Shares Sold by Investment Centers of America Inc.

Investment Centers of America Inc. lowered its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 15.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,213 shares of the bank’s stock after selling 2,400 shares during the period. Investment Centers of America Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. increased its position in Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock worth $104,000 after buying an additional 92 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $111,000. Hudock Capital Group LLC boosted its stake in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock worth $120,000 after buying an additional 7 shares during the period. QCI Asset Management Inc. NY purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $125,000. Finally, Harfst & Associates Inc. purchased a new stake in Bank Of New York Mellon Corporation (The) during the first quarter worth $170,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE BK) opened at 52.19 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 company’s 50-day moving average is $52.42 and its 200 day moving average is $48.49. The company has a market cap of $53.92 billion, a price-to-earnings ratio of 15.48 and a beta of 1.15.

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 (EPS) for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $3.91 billion. During the same period in the previous year, the firm earned $0.76 EPS. Bank Of New York Mellon Corporation (The)’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its board has authorized a share repurchase program on Wednesday, June 28th that permits the company to buyback $3.10 billion in shares. This buyback authorization permits the bank to buy up to 5.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Tuesday, August 1st were given a $0.24 dividend. The ex-dividend date was Friday, July 28th. This is a positive change 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 1.84%. Bank Of New York Mellon Corporation (The)’s payout ratio is currently 28.40%.

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BK has been the topic of a number of analyst reports. Credit Suisse Group reaffirmed a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, April 21st. Deutsche Bank AG increased their price objective on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, July 21st. Bank of America Corporation set a $49.00 price objective on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a report on Saturday, May 27th. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Finally, Rafferty Capital Markets reissued a “buy” rating and set a $53.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Two equities 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 given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $53.12.

In other Bank Of New York Mellon Corporation (The) news, Chairman Gerald L. Hassell sold 700,719 shares of the company’s stock in a transaction that occurred 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 transaction, the chairman now owns 1,253,522 shares of the company’s stock, valued at approximately $67,577,371.02. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Charles W. Scharf purchased 186,900 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Tuesday, August 8th. The shares were purchased at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following 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. Insiders sold a total of 10,885,099 shares of company stock valued at $578,623,062 over the last quarter. 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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