Gamco Investors INC. ET AL Reduces Holdings in The Bank of New York Mellon Corporation $BK

Key Points

• Gamco Investors INC. ET AL sold 30,925 shares of The Bank of New York Mellon, trimming its stake by 2.0%, while owning approximately 1.4% of the bank's portfolio, valued at $124.78 million.
• Insider trading revealed J Kevin Mccarthy, an EVP, sold 20,000 shares at an average price of $98.45, indicating a significant decrease in his ownership by 36.29%.
• The Bank of New York Mellon reported a strong quarterly earnings of $1.94 EPS, exceeding analyst estimates, while also increasing its dividend to $0.53 per share, showcasing a positive growth trend.

Gamco Investors INC. ET AL lessened its stake in The Bank of New York Mellon Corporation (NYSE:BK - Free Report) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,487,828 shares of the bank's stock after selling 30,925 shares during the period. Bank of New York Mellon makes up approximately 1.4% of Gamco Investors INC. ET AL's holdings, making the stock its 7th largest position. Gamco Investors INC. ET AL owned about 0.21% of Bank of New York Mellon worth $124,784,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its position in shares of Bank of New York Mellon by 1.9% during the 1st quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock valued at $1,010,093,000 after acquiring an additional 221,613 shares during the period. Northern Trust Corp grew its position in shares of Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank's stock valued at $732,468,000 after acquiring an additional 1,526,686 shares during the period. Nuveen LLC bought a new stake in shares of Bank of New York Mellon during the 1st quarter valued at $773,627,000. Invesco Ltd. grew its position in shares of Bank of New York Mellon by 8.8% during the 1st quarter. Invesco Ltd. now owns 8,264,176 shares of the bank's stock valued at $693,116,000 after acquiring an additional 667,966 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Bank of New York Mellon by 15.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,689,477 shares of the bank's stock valued at $590,783,000 after acquiring an additional 1,055,389 shares during the period. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Price Performance

BK stock traded down $0.43 during mid-day trading on Friday, hitting $105.67. The company had a trading volume of 2,933,101 shares, compared to its average volume of 3,174,358. The company has a market capitalization of $74.52 billion, a price-to-earnings ratio of 16.13, a P/E/G ratio of 1.00 and a beta of 1.12. 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 50-day moving average price of $98.37 and a 200 day moving average price of $89.31.

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

Bank of New York Mellon Increases Dividend

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

Analyst Upgrades and Downgrades

BK has been the subject of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Truist Financial boosted their price objective 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. Morgan Stanley upped 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 report on Wednesday, July 16th. Finally, Evercore ISI upped 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 report on Wednesday, July 2nd. 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, the stock has an average rating of "Moderate Buy" and an average target price of $95.08.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.14% of the company's stock.

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.