Wells Fargo & Company started coverage on shares of Bank Of New York Mellon Corporation (The) (NYSE:BK) in a research note released on Wednesday morning, Marketbeat Ratings reports. The firm issued a market perform rating and a $55.00 target price on the bank’s stock.

BK has been the subject of a number of other research reports. BidaskClub upgraded shares of Bank Of New York Mellon Corporation (The) from a hold rating to a buy rating in a research report on Sunday, August 6th. Buckingham Research restated a neutral rating and set a $57.00 target price (up previously from $52.00) on shares of Bank Of New York Mellon Corporation (The) in a research report on Monday, July 10th. Jefferies Group LLC restated a hold rating and set a $52.00 target price on shares of Bank Of New York Mellon Corporation (The) in a research report on Wednesday, May 17th. Credit Suisse Group restated a neutral rating on shares of Bank Of New York Mellon Corporation (The) in a research report on Friday, April 21st. Finally, Zacks Investment Research upgraded shares of Bank Of New York Mellon Corporation (The) from a hold rating to a buy rating and set a $60.00 target price for the company in a research report on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $53.12.

Bank Of New York Mellon Corporation (BK) traded up 0.46% on Wednesday, hitting $52.19. 5,932,583 shares of the company traded hands. The stock’s 50-day moving average is $52.42 and its 200 day moving average is $48.49. The stock has a market cap of $53.92 billion, a PE ratio of 15.48 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.

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

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

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

In related news, Chairman Gerald L. Hassell sold 700,719 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $53.91, for a total transaction of $37,775,761.29. Following the completion of the transaction, the chairman now owns 1,253,522 shares of the company’s stock, valued at $67,577,371.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Trian Fund Management, L.P. sold 10,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $53.09, for a total transaction of $530,900,000.00. The disclosure for this sale can be found here. Insiders have sold 10,885,099 shares of company stock valued at $578,623,062 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in 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 in the last quarter. New England Asset Management Inc. increased its stake in Bank Of New York Mellon Corporation (The) by 92,225.0% in the first quarter. New England Asset Management Inc. now owns 3,693,000 shares of the bank’s stock valued at $174,420,000 after buying an additional 3,689,000 shares in the last quarter. American Century Companies Inc. increased its stake in Bank Of New York Mellon Corporation (The) by 135.6% in the first quarter. American Century Companies Inc. now owns 3,776,619 shares of the bank’s stock valued at $178,370,000 after buying an additional 2,173,699 shares in the last quarter. Vanguard Group Inc. increased its stake in 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 in the last quarter. Finally, AQR Capital Management LLC increased its stake in Bank Of New York Mellon Corporation (The) by 82.1% in the first quarter. AQR Capital Management LLC now owns 3,102,607 shares of the bank’s stock valued at $146,536,000 after buying an additional 1,399,039 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Bank Of New York Mellon Corporation (The) (NYSE:BK)

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