Van ECK Associates Corp lifted its position in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 12.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 311,225 shares of the bank’s stock after purchasing an additional 35,531 shares during the period. Van ECK Associates Corp’s holdings in Bank Of New York Mellon Corporation (The) were worth $15,879,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BK. HPM Partners LLC bought a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at about $546,000. Princeton Alpha Management LP bought a new stake in Bank Of New York Mellon Corporation (The) in the first quarter worth about $1,266,000. Altfest L J & Co. Inc. raised its position in Bank Of New York Mellon Corporation (The) by 244.5% in the first quarter. Altfest L J & Co. Inc. now owns 43,347 shares of the bank’s stock worth $2,047,000 after acquiring an additional 30,764 shares during the period. Point View Wealth Management Inc. raised its position in Bank Of New York Mellon Corporation (The) by 3.4% in the first quarter. Point View Wealth Management Inc. now owns 26,322 shares of the bank’s stock worth $1,243,000 after acquiring an additional 872 shares during the period. Finally, Cue Financial Group Inc. raised its position in Bank Of New York Mellon Corporation (The) by 1.8% in the first quarter. Cue Financial Group Inc. now owns 11,020 shares of the bank’s stock worth $520,000 after acquiring an additional 200 shares during the period. 81.78% of the stock is currently owned by institutional investors.

Shares of Bank Of New York Mellon Corporation (BK) opened at 52.37 on Friday. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.59. The stock has a 50 day moving average of $52.37 and a 200 day moving average of $49.62. The company has a market cap of $54.33 billion, a price-to-earnings ratio of 16.63 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, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the prior year, the business earned $0.76 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, equities research analysts expect that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has authorized a stock buyback program on Wednesday, June 28th that allows the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Several analysts have commented on the stock. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Sunday, August 6th. Buckingham Research reaffirmed 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. Jefferies Group LLC reaffirmed a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Zacks Investment Research raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price objective on the stock in a research report on Monday, July 24th. Finally, 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 research report on Saturday, May 27th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Bank Of New York Mellon Corporation (The) currently has a consensus rating of “Hold” and an average target price of $54.25.

In other Bank Of New York Mellon Corporation (The) news, CEO Charles W. Scharf acquired 186,900 shares of the stock in a transaction dated Tuesday, August 8th. The shares were purchased at an average price of $53.82 per share, for a total transaction 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 acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Gerald L. Hassell sold 1,788 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total transaction of $94,835.52. Following the completion of the transaction, the chairman now owns 872,606 shares in the company, valued at approximately $46,283,022.24. The disclosure for this sale can be found here. Insiders sold a total of 10,931,137 shares of company stock worth $581,058,723 in the last quarter. Company insiders own 3.60% of the company’s stock.

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Bank Of New York Mellon Corporation (The) 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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