TIAA CREF Investment Management LLC Has $273.29 Million Position in Bank Of New York Mellon Corporation (The) (BK)

TIAA CREF Investment Management LLC lowered its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) by 4.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,786,410 shares of the bank’s stock after selling 275,791 shares during the period. TIAA CREF Investment Management LLC owned about 0.56% of Bank Of New York Mellon Corporation (The) worth $273,292,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BK. Boothbay Fund Management LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the fourth quarter valued at approximately $365,000. CAMG Solamere Management LLC purchased a new stake in Bank Of New York Mellon Corporation (The) during the fourth quarter valued at approximately $384,000. Barings LLC increased its stake in Bank Of New York Mellon Corporation (The) by 225.2% in the fourth quarter. Barings LLC now owns 56,752 shares of the bank’s stock valued at $2,689,000 after buying an additional 39,300 shares in the last quarter. First Commonwealth Financial Corp PA purchased a new stake in Bank Of New York Mellon Corporation (The) during the fourth quarter valued at approximately $206,000. Finally, Capital Guardian Trust Co. increased its stake in Bank Of New York Mellon Corporation (The) by 0.9% in the fourth quarter. Capital Guardian Trust Co. now owns 946,355 shares of the bank’s stock valued at $44,838,000 after buying an additional 8,670 shares in the last quarter. Hedge funds and other institutional investors own 82.03% of the company’s stock.

Bank Of New York Mellon Corporation (NYSE BK) traded down 1.02% on Friday, reaching $53.36. The company’s stock had a trading volume of 5,665,977 shares. The stock has a market cap of $55.49 billion, a PE ratio of 16.41 and a beta of 1.14. Bank Of New York Mellon Corporation has a 12-month low of $38.53 and a 12-month high of $54.59. The company’s 50 day moving average price is $50.40 and its 200-day moving average price is $47.78.

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 Zacks’ consensus estimate of $0.84 by $0.04. The business had revenue of $3.96 billion during the quarter, compared to analyst estimates of $3.91 billion. Bank Of New York Mellon Corporation (The) had a return on equity of 10.35% and a net margin of 23.35%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.76 EPS. On average, equities analysts expect that Bank Of New York Mellon Corporation will post $3.51 EPS for the current year.

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

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st will be issued 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 is Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.80%. Bank Of New York Mellon Corporation (The)’s dividend payout ratio (DPR) is presently 22.49%.

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BK has been the subject of several recent research reports. Royal Bank Of Canada reiterated a “hold” rating and set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 4th. Keefe, Bruyette & Woods set a $49.00 price target on Bank Of New York Mellon Corporation (The) and gave the stock a “hold” rating in a report on Tuesday, April 4th. Deutsche Bank AG decreased their price target on Bank Of New York Mellon Corporation (The) from $55.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, April 6th. Jefferies Group LLC reiterated a “hold” rating and set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, April 11th. Finally, Credit Suisse Group AG reiterated a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, April 21st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $52.00.

In related news, EVP J Kevin Mccarthy sold 10,000 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.64, for a total value of $476,400.00. Following the completion of the sale, the executive vice president now owns 100,487 shares of the company’s stock, valued at $4,787,200.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice Chairman Thomas P. Gibbons sold 102,174 shares of Bank Of New York Mellon Corporation (The) stock in a transaction on Monday, April 24th. The stock was sold at an average price of $47.71, for a total value of $4,874,721.54. Following the completion of the sale, the insider now directly owns 271,416 shares of the company’s stock, valued at approximately $12,949,257.36. The disclosure for this sale can be found here. 3.60% of the stock is currently owned by company insiders.

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.

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

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