Ferguson Wellman Capital Management Inc. boosted its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 1,687.7% during the second quarter, Holdings Channel reports. The institutional investor owned 484,386 shares of the bank’s stock after buying an additional 457,290 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $24,713,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bronfman E.L. Rothschild L.P. raised its stake in shares of Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock worth $104,000 after buying an additional 92 shares during the period. Advisory Services Network LLC bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $111,000. Hudock Capital Group LLC raised its stake in shares of 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 worth $120,000 after buying an additional 7 shares during the period. QCI Asset Management Inc. NY bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $125,000. Finally, Exane Derivatives bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter worth about $130,000. 82.02% of the stock is owned by institutional investors.

Shares of Bank Of New York Mellon Corporation (NYSE BK) opened at 53.15 on Wednesday. The company has a 50-day moving average price of $52.63 and a 200-day moving average price of $48.67. The company has a market capitalization of $54.91 billion, a P/E ratio of 15.76 and a beta of 1.15. Bank Of New York Mellon Corporation has a 12 month low of $38.68 and a 12 month high of $54.59.

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

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization allows the bank to buy up to 5.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st were issued a $0.24 dividend. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Friday, July 28th. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is presently 28.40%.

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A number of equities research analysts have issued reports on BK shares. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Rafferty Capital Markets reaffirmed a “buy” rating and set a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Deutsche Bank AG increased their price objective on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 21st. Zacks Investment Research raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Monday, July 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.12.

In other Bank Of New York Mellon Corporation (The) news, Chairman Gerald L. Hassell sold 700,719 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $53.91, for a total value of $37,775,761.29. Following the completion of the sale, the chairman now directly owns 1,253,522 shares in the company, valued at approximately $67,577,371.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Charles W. Scharf bought 186,900 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was bought at an average price of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the acquisition, the chief executive officer now owns 73,640 shares in the company, valued at $3,963,304.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 10,885,099 shares of company stock valued at $578,623,062. 3.60% of the stock is owned by company insiders.

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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