Assenagon Asset Management S.A. lifted its position in shares of Bank of New York Mellon Corp (NYSE:BK) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,360 shares of the bank’s stock after buying an additional 1,000 shares during the period. Assenagon Asset Management S.A.’s holdings in Bank of New York Mellon were worth $1,101,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of BK. Trustcore Financial Services LLC boosted its position in shares of Bank of New York Mellon by 204.6% during the second 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. Atwater Malick LLC acquired a new position in shares of Bank of New York Mellon during the third quarter worth about $31,000. Mirova acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $41,000. Stonebridge Capital Advisors LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $43,000. Finally, Pflug Koory LLC boosted its position in shares of Bank of New York Mellon by 69.3% during the second quarter. Pflug Koory LLC now owns 1,185 shares of the bank’s stock worth $52,000 after buying an additional 485 shares during the period. 82.39% of the stock is owned by institutional investors.
BK opened at $45.34 on Monday. Bank of New York Mellon Corp has a 52-week low of $40.52 and a 52-week high of $54.27. The firm has a market capitalization of $41.84 billion, a PE ratio of 10.77, a PEG ratio of 1.36 and a beta of 1.12. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 0.70. The business’s 50-day simple moving average is $44.35 and its 200 day simple moving average is $45.54.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Monday, October 28th will be paid a $0.31 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.24 annualized dividend and a yield of 2.73%. Bank of New York Mellon’s dividend payout ratio is 29.45%.
Bank of New York Mellon announced that its board has initiated a stock repurchase plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in outstanding shares. This repurchase authorization allows the bank to reacquire up to 9.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Several research analysts have recently weighed in on the company. UBS Group reduced their price objective on Bank of New York Mellon from $49.00 to $45.00 and set a “neutral” rating for the company in a research report on Wednesday, June 26th. Credit Suisse Group upped their target price on Bank of New York Mellon from $46.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday. ValuEngine upgraded Bank of New York Mellon from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Wolfe Research upgraded Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley dropped their target price on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating on the stock in a report on Friday, October 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $47.90.
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 that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total value of $14,882,936.32. Following the sale, the insider now owns 539,052 shares in the company, valued at $25,184,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mitchell E. Harris sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were sold at an average price of $44.60, for a total value of $2,230,000.00. Following the completion of the sale, the executive vice president now owns 142,266 shares in the company, valued at approximately $6,345,063.60. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.
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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