Fisher Asset Management LLC raised its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 2.7% during the second quarter, Holdings Channel reports. The institutional investor owned 8,246 shares of the bank’s stock after buying an additional 213 shares during the period. Fisher Asset Management LLC’s holdings in Bank Of New York Mellon Corporation (The) were worth $421,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Bronfman E.L. Rothschild L.P. boosted 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 valued at $104,000 after buying an additional 92 shares during the period. Advisory Services Network LLC purchased a new position in Bank Of New York Mellon Corporation (The) during the first quarter valued at approximately $111,000. Hudock Capital Group LLC boosted its position 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 valued at $120,000 after buying an additional 7 shares during the period. QCI Asset Management Inc. NY purchased a new position in Bank Of New York Mellon Corporation (The) during the first quarter valued at approximately $125,000. Finally, Harfst & Associates Inc. purchased a new position in Bank Of New York Mellon Corporation (The) during the first quarter valued at approximately $170,000. 82.44% of the stock is owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.46% during trading on Friday, hitting $52.19. The stock had a trading volume of 5,932,583 shares. The stock’s 50-day moving average is $52.42 and its 200-day moving average is $48.49. The stock has a market capitalization of $53.92 billion, a P/E ratio of 15.48 and a beta of 1.15. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59.

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 for the quarter, beating analysts’ consensus estimates of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. During the same period in the previous year, the business earned $0.76 earnings per share. The firm’s quarterly revenue was up .4% on a year-over-year basis. Analysts predict 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 has authorized a share repurchase plan on Wednesday, June 28th that allows the company to repurchase $3.10 billion in shares. This repurchase authorization allows the bank to purchase up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.84%. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, July 28th. Bank Of New York Mellon Corporation (The)’s payout ratio is presently 28.40%.

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Several research firms have commented on BK. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Jefferies Group LLC reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, July 11th. Buckingham Research reaffirmed a “neutral” rating and issued a $57.00 price target (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Royal Bank Of Canada reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Finally, Bank of America Corporation set a $52.00 price target on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $53.12.

In other news, Chairman Gerald L. Hassell sold 700,719 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $53.91, for a total value 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 $67,577,371.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $53.09, for a total transaction of $530,900,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,885,099 shares of company stock valued at $578,623,062. 3.60% of the stock is owned by company 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.

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

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