Jim Cramer Was Bullish on 10 Stocks Due to Share Buyback Activity

4. The Bank of New York Mellon Corporation (NYSE:BK)

Number of Hedge Fund Holders: 62

The Bank of New York Mellon Corporation (NYSE:BK) is one of the stocks Jim Cramer was bullish on due to share buyback activity. Cramer said, “we think the world of” the company’s CEO, as he commented:

“Fourth is a bank that I’ve come to like very much over the past couple years, and that’s BNY, the old Bank of New York Mellon. BNY shrunk its share count by 36.2% since the end of 2015, even if the stock wasn’t a real outperformer until more recently. Under CEO Robin Vince, we think the world of him, a Goldman Sachs alum who’s been leading BNY for the past three years or so. The nation’s oldest bank has found new life. They focus on selling their entire suite of financial services to investors rather than marketing this stuff as one-off products. And they’ve also leaned heavily into technology, including AI, maybe the most of all the banks I follow. It’s truly working as the stock’s nearly tripled in a little more than two years.”

The Bank of New York Mellon Corporation (NYSE:BK) provides financial services, including investment management, custody, clearing, and wealth planning. The company also offers banking, trading, and cash management solutions. Cramer mentioned the company during the July 15 episode and remarked:

“This morning, everybody was focused on the numbers from the big banks, JPMorgan, Wells Fargo, and Citigroup, but they were also watching the report from BNY, and that’s the old Bank of New York Mellon. This is one of the top custodial banks in America. And this morning, BNY reported another strong quarter with easy top and bottom line beats, not to mention a stunning nearly 28% return on something called tangible common equity. That’s one of the best results I’ve ever seen from a bank. BNY even raised its full-year net interest income forecast with the quarter. Very few did that.”