Quadrant Private Wealth Management LLC bought a new stake in shares of Bank of New York Mellon Corp (NYSE:BK) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 7,074 shares of the bank’s stock, valued at approximately $382,000.
Other hedge funds have also added to or reduced their stakes in the company. FDx Advisors Inc. raised its holdings in Bank of New York Mellon by 1.9% during the 1st quarter. FDx Advisors Inc. now owns 50,576 shares of the bank’s stock worth $2,606,000 after buying an additional 930 shares during the period. Financial Engines Advisors L.L.C. grew its stake in Bank of New York Mellon by 5.1% during the 1st quarter. Financial Engines Advisors L.L.C. now owns 185,037 shares of the bank’s stock valued at $9,535,000 after acquiring an additional 8,917 shares in the last quarter. Miracle Mile Advisors LLC purchased a new position in Bank of New York Mellon during the 1st quarter valued at about $1,623,000. WealthTrust Axiom LLC grew its stake in Bank of New York Mellon by 183.2% during the 1st quarter. WealthTrust Axiom LLC now owns 16,646 shares of the bank’s stock valued at $857,000 after acquiring an additional 10,769 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI grew its stake in Bank of New York Mellon by 73.3% during the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 30,072 shares of the bank’s stock valued at $1,550,000 after acquiring an additional 12,717 shares in the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.
Several equities analysts have weighed in on BK shares. Zacks Investment Research raised Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a research note on Tuesday, April 24th. ValuEngine raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Thursday, April 19th. Vining Sparks reaffirmed a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a research note on Monday, July 23rd. Keefe, Bruyette & Woods set a $56.00 target price on Bank of New York Mellon and gave the company a “hold” rating in a research note on Thursday, July 19th. Finally, Sandler O’Neill reaffirmed a “hold” rating on shares of Bank of New York Mellon in a research note on Friday, July 13th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $58.70.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The business had revenue of $4.14 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.88 EPS. equities analysts forecast that Bank of New York Mellon Corp will post 4.18 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, August 10th. Investors of record on Tuesday, July 31st were paid a $0.28 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, July 30th. This represents a $1.12 annualized dividend and a dividend yield of 2.20%. Bank of New York Mellon’s payout ratio is presently 31.11%.
Bank of New York Mellon announced that its Board of Directors has initiated a share repurchase program on Thursday, June 28th that authorizes the company to buyback $2.40 billion in shares. This buyback authorization authorizes the bank to reacquire up to 4.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Bank of New York Mellon Company Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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