Northwest Investment Counselors LLC Has $2.04 Million Stake in Bank Of New York Mellon Corporation (The) (BK)

Northwest Investment Counselors LLC lowered its position in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,912 shares of the bank’s stock after selling 532 shares during the period. Northwest Investment Counselors LLC’s holdings in Bank Of New York Mellon Corporation (The) were worth $2,036,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. boosted its position in shares of 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 in the last quarter. Advisory Services Network LLC purchased a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth $111,000. Hudock Capital Group LLC boosted its position in shares of 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 in the last quarter. QCI Asset Management Inc. NY purchased a new position in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth $125,000. Finally, Quadrant Capital Group LLC boosted its position in shares of Bank Of New York Mellon Corporation (The) by 2.6% in the first quarter. Quadrant Capital Group LLC now owns 3,726 shares of the bank’s stock worth $167,000 after buying an additional 94 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

Bank Of New York Mellon Corporation (NYSE:BK) traded down 3.1042% during midday trading on Thursday, reaching $52.3625. 3,077,706 shares of the company traded hands. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The company has a 50 day moving average of $52.28 and a 200-day moving average of $48.41. The stock has a market capitalization of $54.10 billion, a P/E ratio of 15.5286 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its quarterly earnings data 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 firm had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same period last year, the firm earned $0.76 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year. Equities analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its board has authorized a share repurchase plan on Wednesday, June 28th that permits the company to buyback $3.10 billion in outstanding shares. This buyback authorization permits the bank to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

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

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A number of equities analysts have recently weighed in on BK shares. 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, July 4th. Rafferty Capital Markets reissued a “buy” rating and set a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Deutsche Bank AG lifted their price target 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 research report on Friday, July 21st. 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 target on the stock in a research report on Monday, July 24th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. 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 given a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) has an average rating of “Hold” and an average target price of $53.12.

In related news, Chairman Gerald L. Hassell sold 700,719 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the transaction, the chairman now directly owns 1,253,522 shares of the company’s stock, valued at $67,577,371.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Charles W. Scharf purchased 186,900 shares of the company’s stock in a transaction that occurred on Tuesday, August 8th. The shares were purchased at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the completion of the transaction, the chief executive officer now directly owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The disclosure for this purchase can be found here. 3.60% of the stock is currently owned by company insiders.

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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