Burke & Herbert Bank & Trust Co. held its position in Bank Of New York Mellon Corporation (The) (NYSE:BK) during the second quarter, Holdings Channel reports. The fund owned 5,122 shares of the bank’s stock at the end of the second quarter. Burke & Herbert Bank & Trust Co.’s holdings in Bank Of New York Mellon Corporation (The) were worth $262,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of BK. Hudock Capital Group LLC raised its position in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock valued at $120,000 after buying an additional 7 shares during the period. Kistler Tiffany Companies LLC raised its position in Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Kistler Tiffany Companies LLC now owns 4,142 shares of the bank’s stock valued at $196,000 after buying an additional 13 shares during the period. Alpha Windward LLC raised its position in Bank Of New York Mellon Corporation (The) by 0.4% in the first quarter. Alpha Windward LLC now owns 5,648 shares of the bank’s stock valued at $267,000 after buying an additional 24 shares during the period. Cpcm LLC raised its position in Bank Of New York Mellon Corporation (The) by 0.4% in the first quarter. Cpcm LLC now owns 9,705 shares of the bank’s stock valued at $458,000 after buying an additional 35 shares during the period. Finally, Rehmann Capital Advisory Group raised its position in Bank Of New York Mellon Corporation (The) by 0.7% in the first quarter. Rehmann Capital Advisory Group now owns 5,236 shares of the bank’s stock valued at $247,000 after buying an additional 36 shares during the period. 82.44% of the stock is owned by hedge funds and other institutional investors.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.83% during mid-day trading on Friday, hitting $52.38. The stock had a trading volume of 2,930,381 shares. The firm has a market capitalization of $54.12 billion, a price-to-earnings ratio of 15.53 and a beta of 1.15. The stock’s 50-day moving average is $52.35 and its 200 day moving average is $48.43. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The business had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. During the same quarter last year, the firm earned $0.76 earnings per share. The business’s revenue for the quarter was up .4% on a year-over-year basis. Equities research analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its board has approved a share buyback plan on Wednesday, June 28th that permits the company to buyback $3.10 billion in outstanding shares. This buyback authorization permits the bank to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.24 per share. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.85%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is presently 28.40%.

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Several research firms have recently weighed in on BK. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Tuesday, June 20th. Jefferies Group LLC reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, July 11th. Wells Fargo & Company began coverage on Bank Of New York Mellon Corporation (The) in a research report on Wednesday. They issued a “market perform” rating and a $55.00 price objective for the company. Buckingham Research reissued a “neutral” rating and issued a $57.00 price objective (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Finally, Bank of America Corporation set a $52.00 price objective on Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $53.12.

In other news, Chairman Gerald L. Hassell sold 700,719 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the sale, the chairman now owns 1,253,522 shares in the company, valued at $67,577,371.02. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $53.95, for a total transaction of $9,947,301.00. Following the sale, the insider now owns 455,927 shares in the company, valued at approximately $24,597,261.65. The disclosure for this sale can be found here. Corporate insiders own 3.60% of the company’s stock.

Bank Of New York Mellon Corporation (The) Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

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Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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