Trust Co. of Vermont raised its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 11.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,794 shares of the bank’s stock after acquiring an additional 4,084 shares during the quarter. Trust Co. of Vermont’s holdings in Bank of New York Mellon were worth $2,029,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Rowland & Co. Investment Counsel ADV purchased a new position in Bank of New York Mellon in the second quarter worth about $102,000. Quad Cities Investment Group LLC purchased a new position in Bank of New York Mellon in the second quarter worth about $102,000. Kaizen Advisory LLC grew its position 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 worth $138,000 after acquiring an additional 1,565 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Bank of New York Mellon in the second quarter worth about $172,000. Finally, Squar Milner Financial Services LLC purchased a new position in Bank of New York Mellon in the second quarter worth about $180,000. 83.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:BK traded down $0.21 during trading hours on Friday, hitting $45.94. 586,374 shares of the company’s stock traded hands, compared to its average volume of 5,081,587. Bank of New York Mellon Corp has a 1 year low of $45.16 and a 1 year high of $58.99. The firm has a market capitalization of $46.47 billion, a PE ratio of 12.76, a price-to-earnings-growth ratio of 1.44 and a beta of 1.05. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.69 and a quick ratio of 0.69.
Bank of New York Mellon announced that its board has authorized a stock buyback plan on Thursday, June 28th that authorizes the company to buyback $2.40 billion in shares. This buyback authorization authorizes the bank to buy up to 4.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Stockholders of record on Tuesday, October 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Monday, October 29th. Bank of New York Mellon’s dividend payout ratio is presently 31.11%.
BK has been the subject of several recent analyst reports. Raymond James lowered Bank of New York Mellon from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 12th. Zacks Investment Research lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Vining Sparks restated a “buy” rating and set a $62.00 target price on shares of Bank of New York Mellon in a research report on Monday, July 23rd. ValuEngine lowered Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Finally, Sandler O’Neill restated a “hold” rating on shares of Bank of New York Mellon in a research report on Friday, July 13th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $58.38.
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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