Quadrant Private Wealth Management LLC acquired a new position in Bank of New York Mellon Corp (NYSE:BK) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 7,074 shares of the bank’s stock, valued at approximately $382,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BK. Summit Trail Advisors LLC grew its stake in shares of Bank of New York Mellon by 5,067.9% in the first quarter. Summit Trail Advisors LLC now owns 2,463,362 shares of the bank’s stock worth $2,463,000 after purchasing an additional 2,415,695 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $117,549,000. LSV Asset Management grew its stake in shares of Bank of New York Mellon by 195.3% in the first quarter. LSV Asset Management now owns 3,403,100 shares of the bank’s stock worth $175,361,000 after purchasing an additional 2,250,655 shares during the last quarter. Federated Investors Inc. PA grew its stake in shares of Bank of New York Mellon by 1,042.8% in the first quarter. Federated Investors Inc. PA now owns 2,195,351 shares of the bank’s stock worth $113,126,000 after purchasing an additional 2,003,240 shares during the last quarter. Finally, Natixis grew its stake in shares of Bank of New York Mellon by 5,747.4% in the first quarter. Natixis now owns 679,178 shares of the bank’s stock worth $34,846,000 after purchasing an additional 667,563 shares during the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Several research firms recently issued reports on BK. ValuEngine cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. Morgan Stanley raised their target price on Bank of New York Mellon from $66.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, April 20th. Credit Suisse Group raised their target price on Bank of New York Mellon from $57.00 to $58.00 and gave the stock a “neutral” rating in a research note on Friday, April 20th. Zacks Investment Research cut Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Monday, May 21st. Finally, Keefe, Bruyette & Woods set a $56.00 price objective on Bank of New York Mellon and gave the company a “hold” rating in a research report on Thursday, July 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $58.70.

Bank of New York Mellon opened at $51.02 on Friday, Marketbeat reports. The company has a current ratio of 0.69, a quick ratio of 0.71 and a debt-to-equity ratio of 0.82. The company has a market cap of $52.29 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 1.63 and a beta of 1.09. Bank of New York Mellon Corp has a fifty-two week low of $49.39 and a fifty-two week high of $58.99.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The business had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The business’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.88 EPS. analysts forecast that Bank of New York Mellon Corp will post 4.18 earnings per share for the current year.

Bank of New York Mellon declared that its board has initiated a stock buyback plan on Thursday, June 28th that allows the company to buyback $2.40 billion in shares. This buyback authorization allows the bank to purchase up to 4.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 10th. Shareholders of record on Tuesday, July 31st were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.20%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, July 30th. Bank of New York Mellon’s payout ratio is presently 31.11%.

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.

Further Reading: Find a Trading Strategy That Works

Want to see what other hedge funds are holding BK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bank of New York Mellon Corp (NYSE:BK).

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.