Alberta Investment Management Corp Boosts Position in Bank of New York Mellon Corp (NYSE:BK)

Alberta Investment Management Corp increased its holdings in shares of Bank of New York Mellon Corp (NYSE:BK) by 13.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 314,061 shares of the bank’s stock after acquiring an additional 37,600 shares during the quarter. Alberta Investment Management Corp’s holdings in Bank of New York Mellon were worth $14,199,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of BK. Cibc World Markets Corp lifted its stake in Bank of New York Mellon by 305.1% in the second quarter. Cibc World Markets Corp now owns 471,188 shares of the bank’s stock valued at $20,803,000 after buying an additional 354,862 shares during the last quarter. USS Investment Management Ltd purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $8,878,000. Cetera Investment Advisers lifted its stake in Bank of New York Mellon by 5.9% in the second quarter. Cetera Investment Advisers now owns 10,052 shares of the bank’s stock valued at $444,000 after buying an additional 564 shares during the last quarter. H2O AM LLP purchased a new stake in Bank of New York Mellon in the second quarter valued at approximately $598,000. Finally, Hikari Power Ltd lifted its stake in Bank of New York Mellon by 5.6% in the second quarter. Hikari Power Ltd now owns 316,990 shares of the bank’s stock valued at $13,995,000 after buying an additional 16,830 shares during the last quarter. Hedge funds and other institutional investors own 82.39% of the company’s stock.

In other news, EVP Mitchell E. Harris sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $44.60, for a total value of $2,230,000.00. Following the transaction, the executive vice president now owns 142,266 shares of the company’s stock, valued at $6,345,063.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.71% of the company’s stock.

A number of equities research analysts have weighed in on the company. Morgan Stanley reduced their price objective on Bank of New York Mellon from $42.00 to $40.00 and set an “underweight” rating for the company in a research note on Friday, October 4th. Deutsche Bank reduced their price objective on Bank of New York Mellon from $47.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, August 21st. JPMorgan Chase & Co. reduced their price objective on Bank of New York Mellon from $47.00 to $45.00 and set an “underweight” rating for the company in a research note on Thursday, October 10th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $46.00 to $47.00 in a report on Thursday, July 18th. Finally, Wolfe Research raised Bank of New York Mellon from an “underperform” rating to a “peer perform” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $47.90.

NYSE:BK opened at $46.28 on Friday. The firm has a market cap of $43.68 billion, a P/E ratio of 10.99, a PEG ratio of 1.41 and a beta of 1.12. The company has a current ratio of 0.70, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The stock’s 50 day simple moving average is $44.83 and its 200-day simple moving average is $45.39. Bank of New York Mellon Corp has a 12-month low of $40.52 and a 12-month high of $54.27.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, October 16th. The bank reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.08. The business had revenue of $3.86 billion for the quarter, compared to analyst estimates of $3.92 billion. Bank of New York Mellon had a return on equity of 10.57% and a net margin of 19.31%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. Research analysts forecast that Bank of New York Mellon Corp will post 3.97 EPS for the current fiscal year.

Bank of New York Mellon declared that its Board of Directors has authorized a share buyback program on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to buy up to 9.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Monday, October 28th will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, October 25th. Bank of New York Mellon’s payout ratio is currently 29.45%.

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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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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