Yacktman Asset Management LP trimmed its position in Bank of New York Mellon Corp (NYSE:BK) by 0.2% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 3,617,712 shares of the bank’s stock after selling 7,768 shares during the period. Bank of New York Mellon comprises approximately 1.9% of Yacktman Asset Management LP’s holdings, making the stock its 18th largest holding. Yacktman Asset Management LP owned about 0.38% of Bank of New York Mellon worth $159,722,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in BK. C J Advisory Inc bought a new position in shares of Bank of New York Mellon in the 1st quarter worth $28,000. Trustcore Financial Services LLC raised its stake in Bank of New York Mellon by 204.6% during the 2nd quarter. Trustcore Financial Services LLC now owns 658 shares of the bank’s stock worth $29,000 after buying an additional 442 shares during the period. Financial Gravity Wealth Inc. acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $41,000. Prime Capital Investment Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the 1st quarter valued at about $42,000. Finally, Pflug Koory LLC increased its position in shares of Bank of New York Mellon by 69.3% in the second quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock valued at $52,000 after acquiring an additional 485 shares during the last quarter. Hedge funds and other institutional investors own 83.95% of the company’s stock.
Shares of Bank of New York Mellon stock traded up $0.64 during trading on Friday, hitting $42.31. The company’s stock had a trading volume of 131,234 shares, compared to its average volume of 5,525,370. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.71 and a quick ratio of 0.71. Bank of New York Mellon Corp has a 52 week low of $41.42 and a 52 week high of $54.27. The stock has a market cap of $41.17 billion, a price-to-earnings ratio of 10.06, a price-to-earnings-growth ratio of 1.34 and a beta of 1.07. The stock has a 50-day moving average price of $44.98 and a two-hundred day moving average price of $48.10.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Monday, July 29th were paid a $0.31 dividend. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.24 annualized dividend and a dividend yield of 2.93%. Bank of New York Mellon’s payout ratio is currently 29.45%.
Bank of New York Mellon announced that its Board of Directors has approved a share buyback plan on Thursday, June 27th that permits the company to buyback $3.94 billion in outstanding shares. This buyback authorization permits the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several brokerages have commented on BK. ValuEngine downgraded shares of Bank of New York Mellon from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. JPMorgan Chase & Co. lowered their price target on shares of Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a report on Tuesday, July 9th. Morgan Stanley set a $41.00 price target on shares of Bank of New York Mellon and gave the stock a “sell” rating in a report on Friday, August 9th. Buckingham Research lowered their price target on shares of Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, July 18th. Finally, Keefe, Bruyette & Woods upgraded shares of Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $46.00 to $47.00 in a report on Thursday, July 18th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. Bank of New York Mellon presently has a consensus rating of “Hold” and a consensus price target of $49.64.
In other Bank of New York Mellon news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the sale, the insider now owns 539,052 shares of the company’s stock, valued at $25,184,509.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman William M. Daley purchased 11,350 shares of the business’s stock in a transaction on Thursday, July 18th. The shares were purchased at an average cost of $44.93 per share, for a total transaction of $509,955.50. Following the transaction, the insider now directly owns 5,700 shares of the company’s stock, valued at approximately $256,101. The disclosure for this purchase can be found here. Insiders own 1.71% of the company’s stock.
Bank of New York Mellon Company Profile
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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