CIBC World Markets Inc. cut its stake in Bank of New York Mellon Corp (NYSE:BK) by 1.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 154,035 shares of the bank’s stock after selling 2,473 shares during the period. CIBC World Markets Inc.’s holdings in Bank of New York Mellon were worth $8,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Trian Fund Management L.P. lifted its holdings in Bank of New York Mellon by 2.3% in the first quarter. Trian Fund Management L.P. now owns 16,136,596 shares of the bank’s stock valued at $831,519,000 after acquiring an additional 360,164 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in Bank of New York Mellon by 1.0% in the first quarter. Artisan Partners Limited Partnership now owns 13,605,620 shares of the bank’s stock valued at $701,098,000 after acquiring an additional 134,673 shares during the last quarter. Fiduciary Management Inc. WI lifted its holdings in Bank of New York Mellon by 1.0% in the first quarter. Fiduciary Management Inc. WI now owns 8,125,128 shares of the bank’s stock valued at $418,688,000 after acquiring an additional 80,755 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its holdings in Bank of New York Mellon by 1.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 3,631,240 shares of the bank’s stock valued at $187,118,000 after acquiring an additional 62,912 shares during the last quarter. Finally, LSV Asset Management lifted its holdings in 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 valued at $175,361,000 after acquiring an additional 2,250,655 shares during the last quarter. Institutional investors and hedge funds own 82.82% of the company’s stock.

NYSE:BK opened at $51.69 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.69 and a current ratio of 0.69. Bank of New York Mellon Corp has a 52 week low of $49.39 and a 52 week high of $58.99. The firm has a market cap of $51.02 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 1.59 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Thursday, July 19th. The bank reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.01. Bank of New York Mellon had a return on equity of 11.40% and a net margin of 25.08%. The company had revenue of $4.14 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the firm earned $0.88 earnings per share. The firm’s revenue was up 4.6% compared to the same quarter last year. analysts anticipate that Bank of New York Mellon Corp will post 4.18 EPS for the current fiscal year.

Bank of New York Mellon announced that its board has authorized a share repurchase program on Thursday, June 28th that authorizes the company to buyback $2.40 billion in outstanding shares. This buyback authorization authorizes the bank to reacquire up to 4.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

The company also recently declared a quarterly dividend, which was paid on Friday, August 10th. Shareholders of record on Tuesday, July 31st were paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.17%. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, July 30th. Bank of New York Mellon’s dividend payout ratio is 31.11%.

A number of research analysts recently commented on the company. Zacks Investment Research cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. ValuEngine cut Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Vining Sparks reiterated a “buy” rating and issued a $62.00 price objective on shares of Bank of New York Mellon in a report on Monday, July 23rd. Keefe, Bruyette & Woods set a $56.00 price objective on Bank of New York Mellon and gave the company a “hold” rating in a report on Thursday, July 19th. Finally, Sandler O’Neill restated a “hold” rating on shares of Bank of New York Mellon in a research note on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. Bank of New York Mellon presently has a consensus rating of “Hold” and an average target price of $58.70.

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.

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

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