Sageworth Trust Co Increases Stake in Bank of New York Mellon Corp (NYSE:BK)

Sageworth Trust Co grew its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 405.3% in the second quarter, Holdings Channel reports. The fund owned 6,064 shares of the bank’s stock after buying an additional 4,864 shares during the quarter. Sageworth Trust Co’s holdings in Bank of New York Mellon were worth $268,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BK. Archford Capital Strategies LLC lifted its position in Bank of New York Mellon by 4.1% in the first quarter. Archford Capital Strategies LLC now owns 5,654 shares of the bank’s stock worth $285,000 after buying an additional 221 shares during the last quarter. Parallel Advisors LLC lifted its position in Bank of New York Mellon by 5.5% in the first quarter. Parallel Advisors LLC now owns 4,298 shares of the bank’s stock worth $217,000 after buying an additional 225 shares during the last quarter. Arjuna Capital lifted its position in Bank of New York Mellon by 0.9% in the first quarter. Arjuna Capital now owns 28,799 shares of the bank’s stock worth $1,452,000 after buying an additional 244 shares during the last quarter. Buckingham Asset Management LLC lifted its position in Bank of New York Mellon by 3.7% in the first quarter. Buckingham Asset Management LLC now owns 7,110 shares of the bank’s stock worth $359,000 after buying an additional 254 shares during the last quarter. Finally, Citizens Financial Group Inc RI lifted its position in Bank of New York Mellon by 6.3% in the first quarter. Citizens Financial Group Inc RI now owns 4,637 shares of the bank’s stock worth $234,000 after buying an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 84.02% of the company’s stock.

In other news, Vice Chairman William M. Daley purchased 11,350 shares of the business’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 completion of the purchase, the insider now owns 5,700 shares in the company, valued at approximately $256,101. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Trian Fund Management, L.P. sold 621,807 shares of the firm’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.11, for a total value of $31,158,748.77. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.

BK stock traded down $0.51 during midday trading on Thursday, reaching $46.42. The company’s stock had a trading volume of 3,646,808 shares, compared to its average volume of 4,673,249. 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 company’s fifty day moving average price is $44.57. Bank of New York Mellon Corp has a 1 year low of $42.13 and a 1 year high of $54.27. The stock has a market cap of $44.83 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 1.44 and a beta of 1.04.

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

Bank of New York Mellon declared that its board has initiated a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The company also recently declared 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 of this dividend is Friday, July 26th. This represents a $1.24 annualized dividend and a dividend yield of 2.67%. 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%.

A number of research firms have weighed in on BK. Buckingham Research reduced their target price on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research note on Thursday, July 18th. Zacks Investment Research upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Deutsche Bank lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and reduced their target price for the stock from $50.00 to $44.00 in a research note on Tuesday, June 18th. Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $46.00 to $47.00 in a research note on Thursday, July 18th. Finally, ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $50.45.

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

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