Norway Savings Bank Continues to Hold Stake in Bank Of New York Mellon Corporation (The) (NYSE:BK)

Norway Savings Bank continued to hold its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,929 shares of the bank’s stock at the end of the second quarter. Norway Savings Bank’s holdings in Bank Of New York Mellon Corporation (The) were worth $302,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in BK. Dodge & Cox acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter valued at $2,352,702,000. Lincoln Capital Corp acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter valued at $3,544,000. Quadrature Capital Ltd raised its stake in shares of Bank Of New York Mellon Corporation (The) by 141.8% in the fourth quarter. Quadrature Capital Ltd now owns 71,589 shares of the bank’s stock valued at $3,392,000 after buying an additional 41,983 shares during the period. Wealthfront Inc. raised its stake in shares of Bank Of New York Mellon Corporation (The) by 16.4% in the fourth quarter. Wealthfront Inc. now owns 33,551 shares of the bank’s stock valued at $1,590,000 after buying an additional 4,735 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Bank Of New York Mellon Corporation (The) by 18.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 3,278,392 shares of the bank’s stock worth $155,329,000 after buying an additional 500,827 shares during the period. 82.44% of the stock is owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (BK) traded up 0.46% during trading on Friday, hitting $52.19. 5,932,583 shares of the stock traded hands. The stock has a market cap of $53.92 billion, a price-to-earnings ratio of 15.48 and a beta of 1.15. Bank Of New York Mellon Corporation has a 1-year low of $38.68 and a 1-year high of $54.59. The stock has a 50 day moving average price of $52.42 and a 200-day moving average price of $48.49.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last released its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion for the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.76 EPS. Equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Tuesday, August 1st will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a yield of 1.84%. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. Bank Of New York Mellon Corporation (The)’s payout ratio is presently 28.40%.

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A number of equities analysts have recently issued reports on BK shares. Rafferty Capital Markets reiterated a “buy” rating and set a $53.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Tuesday, April 25th. Bank of America Corporation reiterated an “underperform” rating and set a $49.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, May 26th. BidaskClub downgraded shares of Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Deutsche Bank AG boosted their price target on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Finally, Royal Bank Of Canada reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Bank Of New York Mellon Corporation (The) has a consensus rating of “Hold” and a consensus target price of $53.12.

In related news, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total transaction of $530,900,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $53.95, for a total value of $9,947,301.00. Following the sale, the insider now owns 455,927 shares of the company’s stock, valued at $24,597,261.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,885,099 shares of company stock valued at $578,623,062. 3.60% of the stock is owned by company insiders.

Bank Of New York Mellon Corporation (The) Company Profile

The Bank of New York Mellon Corporation is an investments company. The Company operates businesses through two segments: Investment Management and Investment Services. The Company also has an Other segment, which includes the leasing portfolio, corporate treasury activities (including its investment securities portfolio), derivatives and other trading, corporate and bank-owned life insurance and renewable energy investments, and business exits.

Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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