Westchester Capital Management Inc. boosted its stake in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 189,076 shares of the bank’s stock after buying an additional 3,633 shares during the period. Bank Of New York Mellon Corporation (The) makes up approximately 4.4% of Westchester Capital Management Inc.’s portfolio, making the stock its 4th largest position. Westchester Capital Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $9,647,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. 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 worth $120,000 after buying an additional 7 shares during the period. Kistler Tiffany Companies LLC increased its stake in shares of Bank Of New York Mellon Corporation (The) by 0.3% in the second quarter. Kistler Tiffany Companies LLC now owns 4,154 shares of the bank’s stock worth $212,000 after buying an additional 12 shares during the period. CHICAGO TRUST Co NA increased its stake in shares of Bank Of New York Mellon Corporation (The) by 0.5% in the second quarter. CHICAGO TRUST Co NA now owns 6,029 shares of the bank’s stock worth $307,000 after buying an additional 29 shares during the period. Cpcm LLC increased its stake in shares of Bank Of New York Mellon Corporation (The) by 0.4% in the first quarter. Cpcm LLC now owns 9,705 shares of the bank’s stock worth $458,000 after buying an additional 35 shares during the period. Finally, First Bank & Trust increased its stake in shares of Bank Of New York Mellon Corporation (The) by 1.1% in the second quarter. First Bank & Trust now owns 4,800 shares of the bank’s stock worth $245,000 after buying an additional 52 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Bank Of New York Mellon Corporation (NYSE:BK) opened at 52.27 on Tuesday. The company has a market capitalization of $54.00 billion, a P/E ratio of 15.50 and a beta of 1.15. Bank Of New York Mellon Corporation has a 12-month low of $38.68 and a 12-month high of $54.59. The stock’s 50 day moving average is $52.90 and its 200-day moving average is $49.04.

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 Zacks’ consensus estimate of $0.84 by $0.04. The firm 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 return on equity of 10.35% and a net margin of 23.35%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.76 EPS. On average, equities analysts predict that Bank Of New York Mellon Corporation will post $3.53 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Tuesday, August 1st were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, July 28th. This is an increase 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 (DPR) is 28.40%.

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

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A number of brokerages have weighed in on BK. BidaskClub raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, June 20th. Jefferies Group LLC reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, July 11th. Buckingham Research reissued 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. Bank of America Corporation set a $52.00 price target on shares of Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Finally, Royal Bank Of Canada reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued 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 an average price target of $53.12.

In other news, Vice Chairman Brian T. Shea sold 44,250 shares of Bank Of New York Mellon Corporation (The) stock in a transaction dated 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 completion of the sale, the insider now owns 204,043 shares in the company, valued at approximately $10,793,874.70. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of Bank Of New York Mellon Corporation (The) stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $53.09, for a total value of $530,900,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,931,137 shares of company stock valued at $581,058,723. Corporate 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.

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

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