Lodestar Investment Counsel LLC IL decreased its position in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 2.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,116 shares of the bank’s stock after selling 200 shares during the period. Lodestar Investment Counsel LLC IL’s holdings in Bank Of New York Mellon Corporation (The) were worth $465,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions 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 last quarter. Advisory Services Network LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $111,000. Exane Derivatives acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter worth about $130,000. 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 last quarter. Finally, QCI Asset Management Inc. NY acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth about $125,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded down 2.79% during trading on Thursday, reaching $52.53. The company’s stock had a trading volume of 4,299,316 shares. The company’s 50-day moving average price is $52.28 and its 200 day moving average price is $48.41. The stock has a market capitalization of $54.27 billion, a price-to-earnings ratio of 15.58 and a beta of 1.15. 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 posted its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.76 earnings per share. Analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) announced that its board has approved a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The company also recently disclosed 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 positive change 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 annualized dividend and a dividend yield of 1.78%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is presently 28.40%.

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Several analysts recently weighed in on the company. Wells Fargo & Company assumed coverage on Bank Of New York Mellon Corporation (The) in a report on Wednesday. They issued a “market perform” rating and a $55.00 price objective for the company. BidaskClub lowered Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Rafferty Capital Markets reissued a “buy” rating and issued a $53.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Jefferies Group LLC reissued a “hold” rating and issued a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a report on Wednesday, May 17th. Finally, Bank of America Corporation set a $49.00 price objective on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus 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 directly owns 1,253,522 shares of the company’s stock, valued at $67,577,371.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Charles W. Scharf purchased 186,900 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were bought at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the completion of the purchase, the chief executive officer now directly owns 73,640 shares of the company’s stock, valued at $3,963,304.80. The disclosure for this purchase can be found here. Company insiders own 3.60% of the company’s stock.

About Bank Of New York Mellon Corporation (The)

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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