Bank Of New York Mellon Corporation (The) (BK) Hits New 52-Week High at $54.83

Shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) reached a new 52-week high during trading on Wednesday . The stock traded as high as $54.83 and last traded at $54.84, with a volume of 976,016 shares traded. The stock had previously closed at $54.66.

A number of brokerages have weighed in on BK. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Deutsche Bank AG lifted their price target on shares of Bank Of New York Mellon Corporation (The) from $58.00 to $60.00 and gave the company a “buy” rating in a report on Friday, July 21st. Zacks Investment Research upgraded shares of 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 report on Monday, July 24th. Royal Bank Of Canada reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Finally, Jefferies Group LLC reiterated a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $54.81.

The firm has a market cap of $56.55 billion, a price-to-earnings ratio of 16.23 and a beta of 1.15. The firm’s 50-day moving average is $52.59 and its 200-day moving average is $50.30.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $3.91 billion. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The company’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.76 earnings per share. Equities research analysts forecast that Bank Of New York Mellon Corporation will post $3.52 earnings per share for the current fiscal year.

Bank Of New York Mellon Corporation (The) announced that its board has approved a stock buyback program on Wednesday, June 28th that allows the company to repurchase $3.10 billion in shares. This repurchase authorization allows the bank to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

In related news, Chairman Gerald L. Hassell sold 1,788 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $94,835.52. Following the completion of the sale, the chairman now directly owns 872,606 shares of the company’s stock, valued at approximately $46,283,022.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 204,043 shares of the company’s stock, valued at $10,793,874.70. 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 three months. Insiders own 3.60% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of BK. Norinchukin Bank The boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 11.1% during the 1st quarter. Norinchukin Bank The now owns 36,463 shares of the bank’s stock worth $1,722,000 after buying an additional 3,645 shares during the period. Argent Trust Co boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 29.6% during the 1st quarter. Argent Trust Co now owns 16,402 shares of the bank’s stock worth $774,000 after buying an additional 3,749 shares during the period. Schwartz Investment Counsel Inc. boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 9.8% during the 1st quarter. Schwartz Investment Counsel Inc. now owns 554,200 shares of the bank’s stock worth $26,175,000 after buying an additional 49,300 shares during the period. Assetmark Inc. boosted its holdings in shares of Bank Of New York Mellon Corporation (The) by 13.4% during the 1st quarter. Assetmark Inc. now owns 5,974 shares of the bank’s stock worth $282,000 after buying an additional 704 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the 1st quarter worth $209,000. 81.78% of the stock is owned by institutional investors and hedge funds.

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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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