Gabelli Funds LLC Lowers Position in The Bank of New York Mellon Corporation $BK

Key Points

• Gabelli Funds LLC reduced its stake in The Bank of New York Mellon Corporation (BK) by 3.1%, owning 1,559,794 shares after selling 49,200 shares during the first quarter.
• The company recently announced a quarterly dividend of $0.53 per share, increasing from the previous dividend of $0.47, representing an annual yield of 2.1%.
• Bank of New York Mellon's quarterly earnings report revealed an EPS of $1.94, beating expectations by $0.21, along with a 9.4% revenue growth year-over-year.

Gabelli Funds LLC lowered its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,559,794 shares of the bank's stock after selling 49,200 shares during the period. Bank of New York Mellon makes up about 1.0% of Gabelli Funds LLC's investment portfolio, making the stock its 13th largest holding. Gabelli Funds LLC owned approximately 0.22% of Bank of New York Mellon worth $130,820,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter valued at about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Parvin Asset Management LLC bought a new position in Bank of New York Mellon during the 4th quarter worth about $25,000. Bellwether Advisors LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $28,000. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the 1st quarter worth about $32,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE BK traded down $0.43 during trading on Friday, hitting $105.67. 2,933,101 shares of the stock traded hands, compared to its average volume of 4,159,289. The firm has a 50-day simple moving average of $98.09 and a 200-day simple moving average of $89.15. The Bank of New York Mellon Corporation has a 12-month low of $66.01 and a 12-month high of $106.57. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $74.52 billion, a P/E ratio of 16.13, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12.

Bank of New York Mellon (NYSE:BK - Get Free Report) last released its earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.21. The business had revenue of $4.77 billion during the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. As a group, analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 7th. Stockholders of record on Friday, July 25th were given a dividend of $0.53 per share. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. The ex-dividend date was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.0%. Bank of New York Mellon's payout ratio is 32.37%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on BK. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Evercore ISI increased their target price on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research note on Wednesday, July 2nd. Keefe, Bruyette & Woods raised their price target on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Morgan Stanley lifted their target price on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 16th. Finally, Truist Financial lifted their target price on shares of Bank of New York Mellon from $100.00 to $109.00 and gave the company a "hold" rating in a research report on Thursday, August 14th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Insider Buying and Selling at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the sale, the executive vice president owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.14% of the stock is currently owned by company insiders.

Bank of New York Mellon Company Profile

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, and data analytics.