Bank Of New York Mellon Corporation (The) (BK) Shares Sold by Gibraltar Capital Management Inc.

Gibraltar Capital Management Inc. reduced its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,932 shares of the bank’s stock after selling 372 shares during the period. Bank Of New York Mellon Corporation (The) accounts for 5.0% of Gibraltar Capital Management Inc.’s holdings, making the stock its 9th largest position. Gibraltar Capital Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $5,048,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. City Holding Co. increased its stake in shares of Bank Of New York Mellon Corporation (The) by 6.1% in the second quarter. City Holding Co. now owns 32,127 shares of the bank’s stock valued at $1,639,000 after buying an additional 1,850 shares in the last quarter. Fox Run Management L.L.C. bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter valued at about $429,000. Beacon Financial Group increased its stake in shares of Bank Of New York Mellon Corporation (The) by 11.6% in the second quarter. Beacon Financial Group now owns 95,032 shares of the bank’s stock valued at $4,848,000 after buying an additional 9,903 shares in the last quarter. Independence Advisors LLC bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the second quarter valued at about $5,861,000. Finally, Robinson Value Management Ltd. increased its stake in shares of Bank Of New York Mellon Corporation (The) by 7.2% in the second quarter. Robinson Value Management Ltd. now owns 27,639 shares of the bank’s stock valued at $1,410,000 after buying an additional 1,862 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Shares of Bank Of New York Mellon Corporation (BK) traded up 0.52% during trading on Tuesday, hitting $53.99. 369,649 shares of the stock traded hands. Bank Of New York Mellon Corporation has a one year low of $38.68 and a one year high of $54.59. The firm has a 50 day moving average price of $51.59 and a 200-day moving average price of $48.08. The company has a market cap of $55.78 billion, a PE ratio of 16.01 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 EPS for the quarter, topping the consensus estimate of $0.84 by $0.04. The firm had revenue of $3.96 billion for 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 business’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.76 EPS. Analysts anticipate that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

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

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be issued a dividend of $0.24 per share. This is an increase from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date is Friday, July 28th. This represents a $0.96 annualized dividend and a dividend yield of 1.79%. Bank Of New York Mellon Corporation (The)’s payout ratio is presently 28.40%.

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Several analysts recently issued reports on the company. BidaskClub downgraded Bank Of New York Mellon Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Jefferies Group LLC reiterated a “hold” rating and issued a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 11th. Rafferty Capital Markets reiterated a “buy” rating and issued a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 25th. Buckingham Research reiterated a “neutral” rating and issued a $57.00 price target (up from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Finally, Bank of America Corporation set a $49.00 price target on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Saturday, May 27th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $53.00.

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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Institutional Ownership by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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