Russell Investments Group Ltd. cut its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 27.6% during the second quarter, Holdings Channel reports. The fund owned 986,381 shares of the bank’s stock after selling 376,375 shares during the period. Russell Investments Group Ltd.’s holdings in Bank Of New York Mellon Corporation (The) were worth $50,339,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. Regentatlantic Capital LLC raised its stake in Bank Of New York Mellon Corporation (The) by 20.1% in the second quarter. Regentatlantic Capital LLC now owns 5,667 shares of the bank’s stock valued at $289,000 after buying an additional 950 shares during the last quarter. E&G Advisors LP raised its stake in Bank Of New York Mellon Corporation (The) by 72.1% in the second quarter. E&G Advisors LP now owns 7,400 shares of the bank’s stock valued at $378,000 after buying an additional 3,100 shares during the last quarter. Berkshire Asset Management LLC PA raised its stake in Bank Of New York Mellon Corporation (The) by 39.1% in the second quarter. Berkshire Asset Management LLC PA now owns 9,307 shares of the bank’s stock valued at $475,000 after buying an additional 2,617 shares during the last quarter. Huntington National Bank raised its stake in Bank Of New York Mellon Corporation (The) by 4.3% in the second quarter. Huntington National Bank now owns 24,040 shares of the bank’s stock valued at $1,226,000 after buying an additional 995 shares during the last quarter. Finally, Private Bank & Trust Co. raised its stake in Bank Of New York Mellon Corporation (The) by 4.0% in the second quarter. Private Bank & Trust Co. now owns 15,031 shares of the bank’s stock valued at $768,000 after buying an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Bank Of New York Mellon Corporation (BK) traded down 2.85% during midday trading on Thursday, reaching $52.50. 4,293,562 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $52.28 and its 200-day moving average price is $48.41. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59. The stock has a market cap of $54.24 billion, a PE ratio of 15.57 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.76 EPS. Equities analysts predict that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current year.

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

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

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Several research firms have recently issued reports on BK. Wells Fargo & Company began coverage on shares of Bank Of New York Mellon Corporation (The) in a research note on Wednesday. They issued a “market perform” rating and a $55.00 target price for the company. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Sunday. Zacks Investment Research upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, July 24th. Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Finally, Bank of America Corporation set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. Bank Of New York Mellon Corporation (The) presently has an average rating of “Hold” and an average 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 business’s stock in a transaction dated 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 in the company, valued at approximately $67,577,371.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Charles W. Scharf purchased 186,900 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were purchased at an average price of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the purchase, 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 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.

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Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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