Investec Asset Management North America Inc. Increases Stake in Bank Of New York Mellon Corporation (The) (BK)

Investec Asset Management North America Inc. raised its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 266,529 shares of the bank’s stock after buying an additional 10,451 shares during the period. Bank Of New York Mellon Corporation (The) makes up 2.4% of Investec Asset Management North America Inc.’s portfolio, making the stock its 11th largest position. Investec Asset Management North America Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $12,588,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Northstar Wealth Partners LLC bought a new position in Bank Of New York Mellon Corporation (The) during the first quarter worth $546,000. Dodge & Cox acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter worth approximately $2,352,702,000. Community Bank & Trust Waco Texas boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 5.3% in the first quarter. Community Bank & Trust Waco Texas now owns 17,182 shares of the bank’s stock worth $812,000 after buying an additional 863 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the fourth quarter worth approximately $8,576,000. Finally, BTIM Corp. acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth approximately $219,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Shares of Bank Of New York Mellon Corporation (BK) opened at 53.79 on Wednesday. Bank Of New York Mellon Corporation has a 52-week low of $38.68 and a 52-week high of $54.59. The firm has a market cap of $55.57 billion, a P/E ratio of 15.95 and a beta of 1.15. The stock’s 50 day moving average is $51.95 and its 200-day moving average is $48.21.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same quarter last year, the company posted $0.76 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Equities 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) announced that its board has approved a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $3.10 billion in outstanding shares. This repurchase authorization authorizes the bank to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st will be paid a $0.24 dividend. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Friday, July 28th. This represents a $0.96 annualized dividend and a dividend yield of 1.78%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is presently 28.40%.

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A number of equities research analysts recently commented on BK shares. Jefferies Group LLC reissued a “hold” rating and issued a $52.00 price objective on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 11th. Credit Suisse Group reissued a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, April 21st. Rafferty Capital Markets reaffirmed a “buy” rating and set a $53.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Tuesday, April 25th. Bank of America Corporation reaffirmed an “underperform” rating and set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, May 26th. Finally, BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) has an average rating of “Buy” and a consensus target price of $53.00.

In other news, CEO Charles W. Scharf acquired 186,900 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Tuesday, August 8th. The shares were acquired at an average price of $53.82 per share, for a total transaction of $10,058,958.00. Following the transaction, the chief executive officer now directly owns 73,640 shares of the company’s stock, valued at approximately $3,963,304.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Gerald L. Hassell sold 700,719 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $53.91, for a total value of $37,775,761.29. Following the sale, the chairman now owns 1,253,522 shares in the company, valued at approximately $67,577,371.02. The disclosure for this sale can be found here. Company insiders own 3.60% of the company’s stock.

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.

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

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