Bank of New York Mellon Corp (NYSE:BK) Shares Purchased by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund boosted its holdings in Bank of New York Mellon Corp (NYSE:BK) by 0.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 96,245 shares of the bank’s stock after acquiring an additional 547 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Bank of New York Mellon were worth $4,249,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of BK. Horizon Investments LLC acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $287,000. Pacer Advisors Inc. acquired a new stake in shares of Bank of New York Mellon during the 1st quarter worth about $3,708,000. Hanson McClain Inc. boosted its stake in shares of Bank of New York Mellon by 58.6% during the 1st quarter. Hanson McClain Inc. now owns 2,223 shares of the bank’s stock worth $112,000 after purchasing an additional 821 shares during the last quarter. Cypress Capital Management LLC boosted its stake in shares of Bank of New York Mellon by 2.0% during the 1st quarter. Cypress Capital Management LLC now owns 186,760 shares of the bank’s stock worth $9,418,000 after purchasing an additional 3,575 shares during the last quarter. Finally, Stralem & Co. Inc. boosted its stake in shares of Bank of New York Mellon by 0.5% during the 1st quarter. Stralem & Co. Inc. now owns 102,330 shares of the bank’s stock worth $5,161,000 after purchasing an additional 485 shares during the last quarter. 84.02% of the stock is currently owned by hedge funds and other institutional investors.

In other news, Director Trian Fund Management, L.P. sold 621,807 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.11, for a total transaction of $31,158,748.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman William M. Daley acquired 11,350 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $44.93 per share, for a total transaction of $509,955.50. Following the purchase, the insider now directly owns 5,700 shares of the company’s stock, valued at $256,101. The disclosure for this purchase can be found here. Company insiders own 1.71% of the company’s stock.

NYSE BK traded up $0.28 during mid-day trading on Thursday, hitting $47.21. The company’s stock had a trading volume of 1,640,036 shares, compared to its average volume of 4,673,249. Bank of New York Mellon Corp has a 52-week low of $42.13 and a 52-week high of $54.27. The company has a fifty day moving average price of $44.57. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. The stock has a market cap of $44.83 billion, a price-to-earnings ratio of 11.21, a P/E/G ratio of 1.44 and a beta of 1.04.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a net margin of 19.93% and a return on equity of 10.74%. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the firm posted $1.03 earnings per share. Bank of New York Mellon’s revenue for the quarter was down 5.2% compared to the same quarter last year. As a group, research analysts anticipate that Bank of New York Mellon Corp will post 3.95 earnings per share for the current year.

Bank of New York Mellon announced that its board has authorized a share repurchase program on Thursday, June 27th that authorizes the company to buyback $3.94 billion in shares. This buyback authorization authorizes the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Monday, July 29th will be paid a dividend of $0.31 per share. The ex-dividend date is Friday, July 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.63%. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 29.45%.

Several research firms recently issued reports on BK. Deutsche Bank cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and decreased their target price for the stock from $50.00 to $44.00 in a research report on Tuesday, June 18th. Buckingham Research decreased their target price on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Keefe, Bruyette & Woods raised shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Zacks Investment Research raised shares of Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, Morgan Stanley cut shares of Bank of New York Mellon from an “overweight” rating to an “underweight” rating in a research report on Monday, July 8th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $50.45.

About Bank of New York Mellon

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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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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