Aspen Investment Management Inc maintained its stake in shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,554 shares of the bank’s stock at the end of the 2nd quarter. Aspen Investment Management Inc’s holdings in Bank Of New York Mellon Corporation (The) were worth $232,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of BK. QCI Asset Management Inc. NY acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth $125,000. Toronto Dominion Bank lifted its holdings in shares of Bank Of New York Mellon Corporation (The) by 49.6% during the first quarter. Toronto Dominion Bank now owns 292,092 shares of the bank’s stock worth $13,795,000 after purchasing an additional 96,855 shares during the period. Blue Granite Capital LLC lifted its holdings in shares of Bank Of New York Mellon Corporation (The) by 10.1% during the first quarter. Blue Granite Capital LLC now owns 54,625 shares of the bank’s stock worth $2,580,000 after purchasing an additional 5,000 shares during the period. Eagle Asset Management Inc. acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth $301,000. Finally, Warren Averett Asset Management LLC acquired a new stake in shares of Bank Of New York Mellon Corporation (The) during the first quarter worth $583,000. 81.78% of the stock is owned by hedge funds and other institutional investors.

In other news, Chairman Gerald L. Hassell sold 1,788 shares of the company’s stock in a transaction on Tuesday, August 15th. The stock was 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 owns 872,606 shares in the company, valued at $46,283,022.24. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Vice Chairman Brian T. Shea sold 44,250 shares of the company’s stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $52.90, for a total value of $2,340,825.00. Following the completion of 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. In the last 90 days, insiders sold 10,931,137 shares of company stock valued at $581,058,723. Insiders own 3.60% of the company’s stock.

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Shares of Bank Of New York Mellon Corporation (BK) traded down 0.42% on Monday, hitting $54.24. The stock had a trading volume of 685,230 shares. The company’s 50-day moving average price is $52.33 and its 200 day moving average price is $50.06. The firm has a market cap of $56.04 billion, a P/E ratio of 16.09 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 $54.81.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last announced its quarterly earnings data on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ 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 revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.76 earnings per share. On average, equities research analysts forecast 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 of Directors has authorized a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

A number of research firms have commented on BK. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a report on Tuesday, July 4th. Jefferies Group LLC reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a report on Tuesday, July 11th. Citigroup Inc. raised their target price on Bank Of New York Mellon Corporation (The) from $53.00 to $56.00 and gave the company a “neutral” rating in a report on Monday. Buckingham Research reissued a “neutral” rating and issued a $57.00 target price (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a report on Monday, July 10th. Finally, Bank of America Corporation set a $52.00 target price on Bank Of New York Mellon Corporation (The) and gave the company a “sell” rating in a report on Friday, July 21st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $54.19.

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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