Traders Sell Shares of Bank Of New York Mellon Corporation (The) (BK) on Strength Following Insider Selling

Traders sold shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) on strength during trading hours on Tuesday following insider selling activity. $21.90 million flowed into the stock on the tick-up and $31.51 million flowed out of the stock on the tick-down, for a money net flow of $9.61 million out of the stock. Of all equities tracked, Bank Of New York Mellon Corporation (The) had the 0th highest net out-flow for the day. Bank Of New York Mellon Corporation (The) traded up $0.08 for the day and closed at $53.79Specifically, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the completion of the sale, the insider now directly owns 204,043 shares of the company’s stock, valued at approximately $10,793,874.70. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. Insiders sold 10,931,137 shares of company stock valued at $581,058,723 over the last ninety days. 3.60% of the stock is currently owned by company insiders.

Several research analysts have weighed in on the company. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Sunday, August 6th. Buckingham Research reissued a “neutral” rating and set a $57.00 target price (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Jefferies Group LLC reissued a “hold” rating and set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Wednesday, May 17th. Credit Suisse Group reissued a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, April 21st. Finally, Zacks Investment Research raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, July 24th. Two equities 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 stock. Bank Of New York Mellon Corporation (The) currently has a consensus rating of “Hold” and a consensus target price of $53.12.

The firm’s 50 day moving average is $52.79 and its 200 day moving average is $48.77. The company has a market capitalization of $53.83 billion, a P/E ratio of 15.45 and a beta of 1.15.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to analyst estimates 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 business earned $0.76 earnings per share. On average, equities analysts predict that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

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

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 28th that allows the company to buyback $3.10 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 5.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Institutional investors have recently modified their holdings of the company. Toronto Dominion Bank increased its position in shares of Bank Of New York Mellon Corporation (The) by 24.7% in the second quarter. Toronto Dominion Bank now owns 364,150 shares of the bank’s stock worth $18,577,000 after buying an additional 72,058 shares during the last quarter. Oak Associates Ltd. OH increased its position in shares of Bank Of New York Mellon Corporation (The) by 4.4% in the second quarter. Oak Associates Ltd. OH now owns 259,095 shares of the bank’s stock worth $13,219,000 after buying an additional 11,000 shares during the last quarter. Cetera Investment Advisers purchased a new position in Bank Of New York Mellon Corporation (The) during the second quarter valued at about $418,000. Advisory Services Network LLC increased its position in Bank Of New York Mellon Corporation (The) by 15.5% in the second quarter. Advisory Services Network LLC now owns 2,712 shares of the bank’s stock valued at $138,000 after buying an additional 363 shares during the last quarter. Finally, Millie Capital Management LLC increased its position in Bank Of New York Mellon Corporation (The) by 7.7% in the second quarter. Millie Capital Management LLC now owns 66,046 shares of the bank’s stock valued at $3,370,000 after buying an additional 4,700 shares during the last quarter. 82.02% of the stock is currently owned by institutional investors and hedge funds.

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About Bank Of New York Mellon Corporation (The)

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.

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