Bank Of New York Mellon Corporation (The) (NYSE:BK) CEO Charles W. Scharf purchased 186,900 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were bought at an average cost of $53.82 per share, for a total transaction of $10,058,958.00. Following the completion of the transaction, the chief executive officer now directly owns 73,640 shares in the company, valued at approximately $3,963,304.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Shares of Bank Of New York Mellon Corporation (BK) traded up 0.15% on Tuesday, reaching $53.79. 3,007,120 shares of the company were exchanged. The company has a market capitalization of $55.57 billion, a P/E ratio of 15.95 and a beta of 1.15. 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 50 day moving average of $51.95 and a 200-day moving average of $48.21.

Bank Of New York Mellon Corporation (The) (NYSE:BK) last issued its earnings results on Thursday, July 20th. The bank reported $0.88 earnings per share for the quarter, topping the 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 company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.91 billion. During the same period in the prior year, the business posted $0.76 earnings per share. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. On average, analysts predict that Bank Of New York Mellon Corporation will post $3.53 EPS for the current fiscal year.

Bank Of New York Mellon Corporation (The) declared that its Board of Directors has authorized a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $3.10 billion in outstanding shares. This buyback authorization authorizes the bank to repurchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, August 11th. Shareholders of record on Tuesday, August 1st will be given a dividend of $0.24 per share. This is a positive change from Bank Of New York Mellon Corporation (The)’s previous quarterly dividend of $0.19. This represents a $0.96 annualized dividend and a yield of 1.78%. The ex-dividend date is Friday, July 28th. Bank Of New York Mellon Corporation (The)’s dividend payout ratio is presently 28.40%.

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A number of hedge funds and other institutional investors have recently modified their holdings of BK. Vanguard Group Inc. raised its position in shares of Bank Of New York Mellon Corporation (The) by 3.0% in the first quarter. Vanguard Group Inc. now owns 66,349,379 shares of the bank’s stock valued at $3,133,681,000 after buying an additional 1,905,810 shares during the last quarter. BlackRock Inc. raised its position in shares of Bank Of New York Mellon Corporation (The) by 2,064.6% in the first quarter. BlackRock Inc. now owns 57,741,220 shares of the bank’s stock valued at $2,727,121,000 after buying an additional 55,073,730 shares during the last quarter. Longview Partners Guernsey LTD raised its position in shares of Bank Of New York Mellon Corporation (The) by 4.6% in the second quarter. Longview Partners Guernsey LTD now owns 16,519,184 shares of the bank’s stock valued at $842,809,000 after buying an additional 726,898 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Bank Of New York Mellon Corporation (The) by 11.6% in the first quarter. Geode Capital Management LLC now owns 10,413,009 shares of the bank’s stock valued at $491,122,000 after buying an additional 1,085,595 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Bank Of New York Mellon Corporation (The) by 8.6% in the first quarter. JPMorgan Chase & Co. now owns 9,807,053 shares of the bank’s stock valued at $463,187,000 after buying an additional 780,125 shares during the period. Institutional investors own 82.44% of the company’s stock.

Several brokerages have weighed in on BK. BidaskClub raised Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating in a research report on Sunday. Royal Bank Of Canada reissued a “hold” rating on shares of Bank Of New York Mellon Corporation (The) in a research note on Friday, July 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 stock a “buy” rating in a research note on Friday, July 21st. Bank of America Corporation set a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) and gave the stock a “sell” rating in a research note on Friday, July 21st. Finally, Zacks Investment Research raised shares of Bank Of New York Mellon Corporation (The) from a “hold” rating to a “buy” rating and set a $60.00 target price on the stock in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Bank Of New York Mellon Corporation (The) presently has an average rating of “Buy” and an average target price of $53.00.

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.

Insider Buying and Selling by Quarter for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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