Investors Sell Bank Of New York Mellon Corporation (The) (BK) on Strength (BK)

Traders sold shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) on strength during trading hours on Monday. $13.49 million flowed into the stock on the tick-up and $49.18 million flowed out of the stock on the tick-down, for a money net flow of $35.69 million out of the stock. Of all equities tracked, Bank Of New York Mellon Corporation (The) had the 31st highest net out-flow for the day. Bank Of New York Mellon Corporation (The) traded up $0.14 for the day and closed at $51.70

A number of equities research analysts have recently commented on BK shares. Deutsche Bank AG increased their price objective on Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Bank of America Corporation set a $49.00 price objective on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a research report on Saturday, May 27th. Jefferies Group LLC reiterated a “hold” rating and set a $56.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday. Zacks Investment Research upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, July 24th. Finally, BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “sell” rating to a “hold” rating in a research report on Saturday, June 10th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $53.82.

The firm has a 50-day moving average price of $52.40 and a 200-day moving average price of $49.59. The company has a market cap of $53.41 billion, a price-to-earnings ratio of 15.33 and a beta of 1.14.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same period in the previous year, the firm posted $0.76 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. On average, analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has approved a stock 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 generally a sign that the company’s board of directors believes its stock is undervalued.

In other news, Chairman Gerald L. Hassell sold 1,788 shares of the business’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $94,835.52. Following the transaction, the chairman now directly owns 872,606 shares in the company, valued at approximately $46,283,022.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the business’s stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total transaction of $2,340,825.00. Following the transaction, the insider now owns 204,043 shares in the company, valued at $10,793,874.70. The disclosure for this sale can be found here. Insiders have sold a total of 10,931,137 shares of company stock worth $581,058,723 over the last three months. Insiders own 3.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in BK. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Bank Of New York Mellon Corporation (The) by 2.2% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,350,774 shares of the bank’s stock worth $158,257,000 after purchasing an additional 73,432 shares during the last quarter. LSV Asset Management increased its stake in shares of Bank Of New York Mellon Corporation (The) by 136.4% during the 1st quarter. LSV Asset Management now owns 319,445 shares of the bank’s stock worth $15,087,000 after purchasing an additional 184,300 shares during the last quarter. Eagle Ridge Investment Management increased its stake in shares of Bank Of New York Mellon Corporation (The) by 6.3% during the 1st quarter. Eagle Ridge Investment Management now owns 139,573 shares of the bank’s stock worth $6,592,000 after purchasing an additional 8,237 shares during the last quarter. Cypress Capital Management LLC increased its stake in shares of Bank Of New York Mellon Corporation (The) by 3.6% during the 1st quarter. Cypress Capital Management LLC now owns 159,260 shares of the bank’s stock worth $7,522,000 after purchasing an additional 5,500 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Bank Of New York Mellon Corporation (The) by 10.8% during the 1st quarter. First Trust Advisors LP now owns 425,071 shares of the bank’s stock worth $20,076,000 after purchasing an additional 41,274 shares during the last quarter. Institutional investors own 81.78% of the company’s stock.

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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.

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