Gabelli Funds LLC Sells 62,100 Shares of The Bank of New York Mellon Corporation $BK

Gabelli Funds LLC reduced its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 4.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,430,874 shares of the bank’s stock after selling 62,100 shares during the quarter. Bank of New York Mellon comprises about 1.1% of Gabelli Funds LLC’s portfolio, making the stock its 10th biggest position. Gabelli Funds LLC owned 0.21% of Bank of New York Mellon worth $155,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Bank of New York Mellon by 0.7% during the 2nd quarter. Vanguard Group Inc. now owns 71,092,148 shares of the bank’s stock worth $6,477,206,000 after buying an additional 517,081 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Bank of New York Mellon by 4.3% in the 2nd quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after buying an additional 785,478 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Bank of New York Mellon by 0.9% in the 2nd quarter. Artisan Partners Limited Partnership now owns 15,803,214 shares of the bank’s stock valued at $1,439,831,000 after buying an additional 139,544 shares during the period. Norges Bank bought a new stake in shares of Bank of New York Mellon during the second quarter worth $1,081,847,000. Finally, Barclays PLC lifted its stake in shares of Bank of New York Mellon by 1.4% during the third quarter. Barclays PLC now owns 2,372,430 shares of the bank’s stock valued at $258,500,000 after acquiring an additional 31,643 shares during the period. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BK shares. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and raised their price target for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. Weiss Ratings downgraded shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Friday, February 13th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. TD Cowen lifted their price target on shares of Bank of New York Mellon from $133.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Finally, Citigroup assumed coverage on shares of Bank of New York Mellon in a research note on Monday, February 23rd. They set a “neutral” rating for the company. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.92.

Bank of New York Mellon Price Performance

BK stock opened at $115.22 on Friday. The stock has a 50-day moving average price of $119.69 and a two-hundred day moving average price of $112.66. The Bank of New York Mellon Corporation has a 1 year low of $70.46 and a 1 year high of $128.76. The stock has a market cap of $79.15 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.09 and a beta of 1.10. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The company had revenue of $5.07 billion for the quarter. Equities analysts forecast that The Bank of New York Mellon Corporation will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Friday, January 23rd were issued a dividend of $0.53 per share. The ex-dividend date was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s dividend payout ratio is presently 28.61%.

Bank of New York Mellon Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.