Xact Kapitalforvaltning AB boosted its position in Bank of New York Mellon Corp (NYSE:BK) by 7.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 182,823 shares of the bank’s stock after purchasing an additional 12,741 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Bank of New York Mellon were worth $8,072,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in BK. Exane Derivatives purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter worth about $130,000. Ingalls & Snyder LLC grew its holdings in shares of Bank of New York Mellon by 155.1% during the 2nd quarter. Ingalls & Snyder LLC now owns 24,514 shares of the bank’s stock worth $1,082,000 after purchasing an additional 14,904 shares during the period. AMF Pensionsforsakring AB grew its holdings in shares of Bank of New York Mellon by 2.8% during the 2nd quarter. AMF Pensionsforsakring AB now owns 775,785 shares of the bank’s stock worth $34,251,000 after purchasing an additional 21,147 shares during the period. Townsend & Associates Inc grew its holdings in shares of Bank of New York Mellon by 16.5% during the 2nd quarter. Townsend & Associates Inc now owns 22,188 shares of the bank’s stock worth $990,000 after purchasing an additional 3,149 shares during the period. Finally, Retirement Systems of Alabama grew its holdings in shares of Bank of New York Mellon by 0.4% during the 2nd quarter. Retirement Systems of Alabama now owns 410,814 shares of the bank’s stock worth $18,137,000 after purchasing an additional 1,768 shares during the period. 84.13% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE:BK traded up $1.04 on Tuesday, hitting $46.86. The company’s stock had a trading volume of 4,942,738 shares, compared to its average volume of 4,663,352. Bank of New York Mellon Corp has a 12 month low of $42.13 and a 12 month high of $54.47. The firm has a market capitalization of $44.29 billion, a P/E ratio of 11.13, a price-to-earnings-growth ratio of 1.39 and a beta of 1.04. The company’s 50-day moving average price is $44.02. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of 0.79.
Bank of New York Mellon declared that its Board of Directors has initiated a stock buyback plan on Thursday, June 27th that allows the company to repurchase $3.94 billion in shares. This repurchase authorization allows the bank to buy up to 9.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Monday, July 29th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, July 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.65%. This is an increase from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 26.60%.
In related news, Director Trian Fund Management, L.P. sold 621,807 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.11, for a total transaction of $31,158,748.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman William M. Daley bought 11,350 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average price of $44.93 per share, with a total value of $509,955.50. Following the transaction, the insider now directly owns 5,700 shares in the company, valued at $256,101. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by company insiders.
BK has been the topic of several recent research reports. Morgan Stanley set a $36.00 price target on ArcBest and gave the stock a “hold” rating in a research report on Monday, July 8th. Zacks Investment Research lowered GreenTree Hospitality Group from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and upped their target price for the company from $46.00 to $47.00 in a research report on Thursday, July 18th. Deutsche Bank reaffirmed a “buy” rating and issued a GBX 4,000 ($52.27) target price on shares of in a research report on Tuesday, June 18th. Finally, Buckingham Research cut their target price on Bank of New York Mellon from $53.00 to $50.00 and set a “neutral” rating on the stock in a research report on Thursday, July 18th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $50.45.
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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