Nisa Investment Advisors LLC lessened its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 36.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,625 shares of the bank’s stock after selling 36,075 shares during the period. Nisa Investment Advisors LLC’s holdings in Bank of New York Mellon were worth $2,809,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. C J Advisory Inc acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $28,000. Financial Gravity Wealth Inc. acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $41,000. Prime Capital Investment Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $42,000. Pinnacle Bank acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth approximately $46,000. Finally, Truvestments Capital LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth approximately $55,000. Institutional investors and hedge funds own 84.02% of the company’s stock.
A number of research analysts recently weighed in on the company. Royal Bank of Canada decreased their target price on Bank of New York Mellon to $52.00 and set a “positive” rating on the stock in a report on Thursday, April 18th. ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Morgan Stanley lowered Bank of New York Mellon from an “overweight” rating to an “underweight” rating in a report on Monday, July 8th. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Monday, May 20th. Finally, Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $46.00 to $47.00 in a report on Thursday, July 18th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.45.
Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.92 billion. During the same period in the prior year, the company earned $1.03 EPS. Bank of New York Mellon’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of New York Mellon Corp will post 3.95 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Monday, July 29th will be given a dividend of $0.31 per share. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. This represents a $1.24 annualized dividend and a dividend yield of 2.73%. The ex-dividend date is Friday, July 26th. Bank of New York Mellon’s dividend payout ratio is currently 29.45%.
Bank of New York Mellon announced that its Board of Directors has authorized a stock repurchase plan on Thursday, June 27th that authorizes the company to repurchase $3.94 billion in shares. This repurchase authorization authorizes the bank to buy up to 9.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the completion of the sale, the insider now owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman William M. Daley purchased 11,350 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was bought at an average cost of $44.93 per share, with a total value of $509,955.50. Following the purchase, the insider now owns 5,700 shares of the company’s stock, valued at approximately $256,101. The disclosure for this purchase can be found here. 1.71% of the stock is owned by corporate insiders.
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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