Global X Management Co LLC raised its stake in Bank of New York Mellon Corp (NYSE:BK) by 49.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,405 shares of the bank’s stock after acquiring an additional 6,451 shares during the quarter. Global X Management Co LLC’s holdings in Bank of New York Mellon were worth $1,047,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BK. Rowland & Co. Investment Counsel ADV acquired a new position in Bank of New York Mellon in the second quarter valued at approximately $102,000. Quad Cities Investment Group LLC acquired a new position in Bank of New York Mellon in the second quarter valued at approximately $102,000. Patten Group Inc. lifted its holdings in Bank of New York Mellon by 44.4% in the first quarter. Patten Group Inc. now owns 2,929 shares of the bank’s stock valued at $124,000 after acquiring an additional 900 shares during the period. Kaizen Advisory LLC lifted its holdings in Bank of New York Mellon by 157.6% in the second quarter. Kaizen Advisory LLC now owns 2,558 shares of the bank’s stock valued at $138,000 after acquiring an additional 1,565 shares during the period. Finally, Ostrum Asset Management acquired a new position in Bank of New York Mellon in the first quarter valued at approximately $148,000. 83.36% of the stock is owned by institutional investors.

Shares of BK stock opened at $52.31 on Wednesday. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.69 and a quick ratio of 0.69. The company has a market cap of $52.37 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 1.64 and a beta of 1.04. Bank of New York Mellon Corp has a 1-year low of $49.39 and a 1-year high of $58.99.

Bank of New York Mellon (NYSE:BK) last announced its earnings results on Thursday, July 19th. The bank reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.01. The business had revenue of $4.14 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.88 EPS. sell-side analysts forecast that Bank of New York Mellon Corp will post 4.18 earnings per share for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has approved a stock buyback program on Thursday, June 28th that permits the company to buyback $2.40 billion in shares. This buyback authorization permits the bank to purchase up to 4.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

A number of brokerages have issued reports on BK. Zacks Investment Research downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a report on Tuesday. Wolfe Research began coverage on Bank of New York Mellon in a report on Tuesday. They issued an “underperform” rating for the company. ValuEngine downgraded Bank of New York Mellon from a “hold” rating to a “sell” rating in a report on Tuesday, August 7th. Vining Sparks reaffirmed a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a research note on Monday, July 23rd. Finally, Keefe, Bruyette & Woods set a $56.00 target price on Bank of New York Mellon and gave the stock a “hold” rating in a research note on Thursday, July 19th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $58.50.

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.

Featured Article: What are the reasons investors use put options?

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.