CORDA Investment Management LLC. boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 0.1% in the second quarter, Holdings Channel reports. The firm owned 617,434 shares of the bank’s stock after acquiring an additional 643 shares during the period. The Bank of New York Mellon comprises about 2.7% of CORDA Investment Management LLC.’s holdings, making the stock its 11th biggest position. CORDA Investment Management LLC.’s holdings in The Bank of New York Mellon were worth $31,631,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently made changes to their positions in the business. Sigma Planning Corp lifted its holdings in shares of The Bank of New York Mellon by 12.7% during the first quarter. Sigma Planning Corp now owns 22,505 shares of the bank’s stock worth $1,064,000 after buying an additional 2,536 shares during the last quarter. USA Financial Portformulas Corp acquired a new position in shares of The Bank of New York Mellon during the first quarter worth approximately $83,000. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of The Bank of New York Mellon by 10.6% during the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 30,289 shares of the bank’s stock worth $1,433,000 after buying an additional 2,900 shares during the last quarter. Fifth Third Bancorp lifted its holdings in shares of The Bank of New York Mellon by 6.7% during the first quarter. Fifth Third Bancorp now owns 264,469 shares of the bank’s stock worth $12,507,000 after buying an additional 16,710 shares during the last quarter. Finally, Brighton Jones LLC acquired a new position in shares of The Bank of New York Mellon during the first quarter worth approximately $212,000. 82.50% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. Evercore ISI restated a “hold” rating and issued a $52.00 target price on shares of The Bank of New York Mellon in a research note on Friday, July 2nd. Credit Suisse Group upped their target price on The Bank of New York Mellon from $54.00 to $56.00 and gave the company an “outperform” rating in a research note on Friday, July 16th. Keefe, Bruyette & Woods upgraded The Bank of New York Mellon from a “market perform” rating to an “outperform” rating and set a $59.00 target price for the company in a research note on Thursday, June 17th. Argus upgraded The Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their target price for the company from $54.75 to $55.00 in a research note on Tuesday, July 20th. Finally, Citigroup upped their target price on The Bank of New York Mellon from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, September 15th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $53.50.
Shares of BK stock traded down $2.30 during trading hours on Monday, hitting $48.85. 195,982 shares of the company’s stock were exchanged, compared to its average volume of 5,202,545. The stock’s 50-day moving average is $52.36 and its 200-day moving average is $50.30. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market cap of $42.17 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10. The Bank of New York Mellon Co. has a 52 week low of $32.65 and a 52 week high of $56.64.
The Bank of New York Mellon (NYSE:BK) last announced its earnings results on Wednesday, July 14th. The bank reported $1.13 EPS for the quarter, topping the consensus estimate of $1.00 by $0.13. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.86 billion. The Bank of New York Mellon had a return on equity of 9.27% and a net margin of 22.86%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.01 earnings per share. Equities research analysts forecast that The Bank of New York Mellon Co. will post 4.16 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 9th. Stockholders of record on Tuesday, July 27th were issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Monday, July 26th. This is a boost from The Bank of New York Mellon’s previous quarterly dividend of $0.31. The Bank of New York Mellon’s dividend payout ratio is presently 33.92%.
The Bank of New York Mellon declared that its board has initiated a stock repurchase plan on Monday, June 28th that permits the company to repurchase $6.00 billion in outstanding shares. This repurchase authorization permits the bank to reacquire up to 13.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
The Bank of New York Mellon Company Profile
The Bank of New York Mellon Corp. is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Investment Services and Investment and Wealth Management. The Investment Services and Investment segment includes institutional trust and custody fees, broker-dealer services, corporate trust, depositary receipts, and foreign exchange.
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