United Services Automobile Association Reduces Stake in Bank Of New York Mellon Corporation (The) (NYSE:BK)

United Services Automobile Association decreased its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 5.4% during the first quarter, according to its most recent filing with the SEC. The fund owned 1,571,513 shares of the bank’s stock after selling 90,455 shares during the period. United Services Automobile Association owned 0.15% of Bank Of New York Mellon Corporation (The) worth $74,223,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of BK. Dodge & Cox acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter worth about $2,352,702,000. JPMorgan Chase & Co. increased its stake in Bank Of New York Mellon Corporation (The) by 8.6% in the first quarter. JPMorgan Chase & Co. now owns 9,807,053 shares of the bank’s stock worth $463,187,000 after buying an additional 780,125 shares during the last quarter. American Century Companies Inc. increased its stake in Bank Of New York Mellon Corporation (The) by 135.6% in the first quarter. American Century Companies Inc. now owns 3,776,619 shares of the bank’s stock worth $178,370,000 after buying an additional 2,173,699 shares during the last quarter. Norges Bank purchased a new stake in Bank Of New York Mellon Corporation (The) during the fourth quarter worth $178,809,000. Finally, UBS Asset Management Americas Inc. increased its stake in Bank Of New York Mellon Corporation (The) by 3.5% in the first quarter. UBS Asset Management Americas Inc. now owns 3,394,419 shares of the bank’s stock worth $160,318,000 after buying an additional 116,027 shares during the last quarter. Institutional investors and hedge funds own 82.03% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE BK) traded up 2.139% during midday trading on Thursday, reaching $54.195. The company’s stock had a trading volume of 1,637,365 shares. The company’s 50-day moving average is $50.21 and its 200 day moving average is $47.73. The firm has a market capitalization of $56.36 billion, a P/E ratio of 16.670 and a beta of 1.14. Bank Of New York Mellon Corporation has a 52 week low of $38.53 and a 52 week high of $54.51.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.12% and a return on equity of 9.97%. The firm had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the prior year, the firm earned $0.76 EPS. Bank Of New York Mellon Corporation (The)’s quarterly revenue was up .4% on a year-over-year basis. Analysts expect that Bank Of New York Mellon Corporation will post $3.51 earnings per share for the current fiscal year.

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

The business also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be paid a $0.24 dividend. This is a positive change 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 1.81%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is currently 23.38%.

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BK has been the topic of several research analyst reports. Rafferty Capital Markets reaffirmed a “buy” rating and issued a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Bank of America Corporation reissued an “underperform” rating and issued a $49.00 target price on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, May 26th. Royal Bank Of Canada reissued a “hold” rating and issued a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 4th. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Tuesday, July 4th. Finally, Deutsche Bank AG cut their target price on Bank Of New York Mellon Corporation (The) from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Thursday, April 6th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $51.44.

In other news, Vice Chairman Thomas P. Gibbons sold 102,174 shares of the stock in a transaction on Monday, April 24th. The shares were sold at an average price of $47.71, for a total transaction of $4,874,721.54. Following the transaction, the insider now owns 271,416 shares in the company, valued at approximately $12,949,257.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP J Kevin Mccarthy sold 10,000 shares of the company’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.64, for a total transaction of $476,400.00. Following the sale, the executive vice president now directly owns 100,487 shares of the company’s stock, valued at $4,787,200.68. The disclosure for this sale can be found here. Corporate 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.

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

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