Oppenheimer Asset Management Inc. purchased a new position in Bank Of New York Mellon Corporation (The) (NYSE:BK) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 31,687 shares of the bank’s stock, valued at approximately $1,495,000.

A number of other institutional investors have also bought and sold shares of the company. Bronfman E.L. Rothschild L.P. increased its position in Bank Of New York Mellon Corporation (The) by 4.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 2,197 shares of the bank’s stock valued at $104,000 after buying an additional 92 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at about $111,000. Hudock Capital Group LLC increased its stake in shares of Bank Of New York Mellon Corporation (The) by 0.3% in the first quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock valued at $120,000 after buying an additional 7 shares in the last quarter. QCI Asset Management Inc. NY acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at about $125,000. Finally, Harfst & Associates Inc. acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter valued at about $170,000. 82.02% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Bank Of New York Mellon Corporation (NYSE:BK) traded up 0.58% during trading on Friday, hitting $52.10. 5,424,014 shares of the stock were exchanged. Bank Of New York Mellon Corporation has a 52 week low of $38.68 and a 52 week high of $54.59. The stock has a market cap of $53.83 billion, a P/E ratio of 15.45 and a beta of 1.15. The firm’s 50 day moving average price is $52.79 and its 200-day moving average price is $48.77.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.04. Bank Of New York Mellon Corporation (The) had a net margin of 23.35% and a return on equity of 10.35%. The firm had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter in the prior year, the business earned $0.76 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current year.

Bank Of New York Mellon Corporation (The) announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in shares. This buyback authorization authorizes the bank to repurchase up to 5.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Friday, July 28th. This is a boost from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is 28.40%.

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Several research firms recently weighed in on BK. Credit Suisse Group reiterated a “neutral” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, April 21st. Deutsche Bank AG increased their target price 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 research note on Friday, July 21st. Bank of America Corporation set a $49.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research note on Saturday, May 27th. BidaskClub upgraded 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. Finally, Zacks Investment Research cut shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “sell” rating in a research note on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $53.12.

In related news, Chairman Gerald L. Hassell sold 1,788 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total value 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Charles W. Scharf bought 186,900 shares of Bank Of New York Mellon Corporation (The) stock in a transaction that occurred on Tuesday, August 8th. The stock was purchased at an average cost of $53.82 per share, with a total value of $10,058,958.00. Following the completion of the acquisition, the chief executive officer now directly owns 73,640 shares in the company, valued at approximately $3,963,304.80. The disclosure for this purchase can be found here. Insiders sold a total of 10,931,137 shares of company stock worth $581,058,723 in the last quarter. Company insiders own 3.60% of the company’s stock.

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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