Victory Capital Management Inc. lowered its position in Bank Of New York Mellon Corporation (The) (NYSE:BK) by 42.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 416,686 shares of the bank’s stock after selling 311,564 shares during the quarter. Victory Capital Management Inc.’s holdings in Bank Of New York Mellon Corporation (The) were worth $21,260,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bronfman E.L. Rothschild L.P. grew its stake 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 purchasing an additional 92 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the 1st quarter worth about $111,000. Exane Derivatives bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the 2nd quarter worth about $130,000. Hudock Capital Group LLC boosted its stake in shares of Bank Of New York Mellon Corporation (The) by 0.3% during the 1st quarter. Hudock Capital Group LLC now owns 2,549 shares of the bank’s stock worth $120,000 after acquiring an additional 7 shares in the last quarter. Finally, QCI Asset Management Inc. NY bought a new stake in shares of Bank Of New York Mellon Corporation (The) during the 1st quarter worth about $125,000. Hedge funds and other institutional investors own 81.80% of the company’s stock.

Several research firms have recently issued reports on BK. Royal Bank Of Canada reiterated a “hold” rating and set a $58.00 price target on shares of Bank Of New York Mellon Corporation (The) in a research note on Thursday. Wells Fargo & Company began coverage on Bank Of New York Mellon Corporation (The) in a research note on Wednesday, August 9th. They set a “market perform” rating and a $55.00 price target for the company. BidaskClub upgraded Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research note on Tuesday, June 20th. Bank of America Corporation set a $49.00 price target on Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research note on Saturday, May 27th. Finally, 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 research note on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) presently has a consensus rating of “Hold” and a consensus price target of $53.47.

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Shares of Bank Of New York Mellon Corporation (BK) opened at 52.33 on Monday. The company’s 50-day moving average price is $52.97 and its 200 day moving average price is $49.28. The company has a market cap of $54.07 billion, a P/E ratio of 15.52 and a beta of 1.14. Bank Of New York Mellon Corporation has a 52 week low of $38.68 and a 52 week high of $54.59.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last posted its quarterly earnings results on Thursday, July 20th. The bank reported $0.88 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $3.96 billion during the quarter, compared to analysts’ expectations of $3.91 billion. During the same quarter last year, the company posted $0.76 earnings per share. Bank Of New York Mellon Corporation (The)’s quarterly revenue was up .4% on a year-over-year basis. On average, equities analysts forecast that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

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

The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Tuesday, August 1st were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, July 28th. This represents a $0.96 dividend on an annualized basis and a yield of 1.83%. 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 (DPR) is presently 28.40%.

In other news, Vice Chairman Thomas P. Gibbons sold 184,380 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $53.95, for a total transaction of $9,947,301.00. Following the completion of the sale, the insider now owns 455,927 shares in the company, valued at $24,597,261.65. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 16th. The stock was sold at an average price of $52.90, for a total value of $2,340,825.00. Following the sale, the insider now owns 204,043 shares of the company’s stock, valued at approximately $10,793,874.70. The disclosure for this sale can be found here. Insiders have sold 10,931,137 shares of company stock valued at $581,058,723 in the last quarter. 3.60% of the stock is currently owned by corporate insiders.

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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