Sompo Japan Nipponkoa Asset Management CO. LTD. Buys 460 Shares of Bank of New York Mellon Corp (NYSE:BK)

Sompo Japan Nipponkoa Asset Management CO. LTD. raised its holdings in Bank of New York Mellon Corp (NYSE:BK) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,730 shares of the bank’s stock after purchasing an additional 460 shares during the quarter. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in Bank of New York Mellon were worth $1,092,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Mraz Amerine & Associates Inc. raised its position in shares of Bank of New York Mellon by 3.5% during the second quarter. Mraz Amerine & Associates Inc. now owns 88,523 shares of the bank’s stock worth $3,908,000 after acquiring an additional 3,001 shares during the last quarter. Minneapolis Portfolio Management Group LLC raised its position in shares of Bank of New York Mellon by 13.9% during the second quarter. Minneapolis Portfolio Management Group LLC now owns 529,712 shares of the bank’s stock worth $23,387,000 after acquiring an additional 64,631 shares during the last quarter. Employers Holdings Inc. bought a new stake in shares of Bank of New York Mellon during the second quarter worth $173,000. Pflug Koory LLC raised its position in shares of Bank of New York Mellon by 69.3% during the second quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock worth $52,000 after acquiring an additional 485 shares during the last quarter. Finally, FinTrust Capital Advisors LLC raised its position in shares of Bank of New York Mellon by 206.4% during the second quarter. FinTrust Capital Advisors LLC now owns 2,313 shares of the bank’s stock worth $102,000 after acquiring an additional 1,558 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.

In other Bank of New York Mellon news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the business’s 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 transaction, the insider now directly owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman William M. Daley bought 11,350 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was acquired at an average cost of $44.93 per share, with a total value of $509,955.50. Following the completion of 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 insiders.

Shares of Bank of New York Mellon stock traded up $0.66 during trading on Friday, reaching $42.33. 2,901,200 shares of the company were exchanged, compared to its average volume of 5,446,652. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.79. Bank of New York Mellon Corp has a twelve month low of $41.42 and a twelve month high of $54.27. The business has a 50-day moving average price of $44.95 and a 200-day moving average price of $48.07. The firm has a market capitalization of $39.55 billion, a price-to-earnings ratio of 10.05, a P/E/G ratio of 1.29 and a beta of 1.07.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $3.92 billion. During the same period in the previous year, the firm earned $1.03 earnings per share. The firm’s quarterly revenue was down 5.2% compared to the same quarter last year. On average, equities research analysts forecast that Bank of New York Mellon Corp will post 3.94 EPS for the current fiscal year.

Bank of New York Mellon declared that its board has initiated a share repurchase plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in shares. This repurchase authorization allows the bank to purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Monday, July 29th were paid a dividend of $0.31 per share. The ex-dividend date was Friday, July 26th. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.93%. Bank of New York Mellon’s payout ratio is 29.45%.

A number of research firms have recently weighed in on BK. UBS Group dropped their target price on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. JPMorgan Chase & Co. dropped their target price on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Deutsche Bank downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating and dropped their target price for the stock from $50.00 to $44.00 in a research report on Tuesday, June 18th. Finally, Keefe, Bruyette & Woods upgraded Bank of New York Mellon from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.64.

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.

Read More: Stochastic Momentum Index (SMI)

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

Receive News & Ratings for Bank of New York Mellon Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bank of New York Mellon and related companies with MarketBeat.com's FREE daily email newsletter.