Steward Partners Investment Advisory LLC Raises Holdings in Bank of New York Mellon Corp (NYSE:BK)

Steward Partners Investment Advisory LLC boosted its stake in shares of Bank of New York Mellon Corp (NYSE:BK) by 1.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,821 shares of the bank’s stock after acquiring an additional 221 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Bank of New York Mellon were worth $786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of BK. Archford Capital Strategies LLC raised its position in Bank of New York Mellon by 4.1% during the 1st quarter. Archford Capital Strategies LLC now owns 5,654 shares of the bank’s stock valued at $285,000 after purchasing an additional 221 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Bank of New York Mellon by 5.5% in the 1st quarter. Parallel Advisors LLC now owns 4,298 shares of the bank’s stock worth $217,000 after acquiring an additional 225 shares in the last quarter. St. Johns Investment Management Company LLC raised its position in shares of Bank of New York Mellon by 1.7% in the 2nd quarter. St. Johns Investment Management Company LLC now owns 13,564 shares of the bank’s stock worth $599,000 after acquiring an additional 227 shares in the last quarter. Arjuna Capital raised its position in shares of Bank of New York Mellon by 0.9% in the 1st quarter. Arjuna Capital now owns 28,799 shares of the bank’s stock worth $1,452,000 after acquiring an additional 244 shares in the last quarter. Finally, Buckingham Asset Management LLC raised its position in shares of Bank of New York Mellon by 3.7% in the 1st quarter. Buckingham Asset Management LLC now owns 7,110 shares of the bank’s stock worth $359,000 after acquiring an additional 254 shares in the last quarter. Institutional investors own 83.93% of the company’s stock.

BK stock traded up $0.24 on Friday, reaching $45.81. 4,626,370 shares of the company traded hands, compared to its average volume of 5,410,130. Bank of New York Mellon Corp has a one year low of $42.13 and a one year high of $54.27. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.68 and a current ratio of 0.71. The company has a market cap of $42.96 billion, a P/E ratio of 10.88, a P/E/G ratio of 1.40 and a beta of 1.07. The firm’s fifty day simple moving average is $44.89.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, July 17th. The bank reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.94 by $0.07. Bank of New York Mellon had a return on equity of 10.74% and a net margin of 19.93%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.92 billion. During the same quarter last year, the company earned $1.03 EPS. The firm’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, sell-side analysts forecast that Bank of New York Mellon Corp will post 3.94 earnings per share for the current fiscal year.

Bank of New York Mellon announced that its Board of Directors has approved a stock repurchase plan on Thursday, June 27th that allows the company to buyback $3.94 billion in outstanding shares. This buyback authorization allows the bank to repurchase up to 9.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Monday, July 29th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend was Friday, July 26th. This is a positive change from Bank of New York Mellon’s previous quarterly dividend of $0.28. Bank of New York Mellon’s dividend payout ratio (DPR) is 29.45%.

In related news, Vice Chairman Thomas P. Gibbons sold 318,556 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $46.72, for a total transaction of $14,882,936.32. Following the completion of the transaction, the insider now owns 539,052 shares of the company’s stock, valued at approximately $25,184,509.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman William M. Daley acquired 11,350 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, July 18th. The shares were bought at an average cost of $44.93 per share, with a total value of $509,955.50. Following the transaction, the insider now 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 owned by company insiders.

Several brokerages have recently issued reports on BK. Keefe, Bruyette & Woods raised Bank of New York Mellon from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $46.00 to $47.00 in a research report on Thursday, July 18th. Royal Bank of Canada decreased their target price on Bank of New York Mellon to $52.00 and set a “positive” rating for the company in a research report on Thursday, April 18th. JPMorgan Chase & Co. decreased their target price on Bank of New York Mellon from $50.00 to $49.00 and set an “underweight” rating for the company in a research report on Tuesday, July 9th. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Finally, Deutsche Bank lowered Bank of New York Mellon from a “buy” rating to a “hold” rating and decreased their target price for the stock from $50.00 to $44.00 in a research report on Tuesday, June 18th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the stock. Bank of New York Mellon has a consensus rating of “Hold” and an average target price 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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Institutional Ownership by Quarter for Bank of New York Mellon (NYSE:BK)

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