Gabelli Funds LLC Sells 58,956 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Gabelli Funds LLC trimmed its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,608,994 shares of the bank’s stock after selling 58,956 shares during the period. Bank of New York Mellon makes up approximately 0.9% of Gabelli Funds LLC’s holdings, making the stock its 16th largest holding. Gabelli Funds LLC’s holdings in Bank of New York Mellon were worth $123,619,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in BK. FMR LLC raised its position in Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the 4th quarter worth approximately $1,150,462,000. Arrowstreet Capital Limited Partnership boosted its holdings in Bank of New York Mellon by 17.0% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock valued at $595,526,000 after acquiring an additional 1,125,493 shares during the last quarter. Invesco Ltd. boosted its stake in Bank of New York Mellon by 2.4% in the fourth quarter. Invesco Ltd. now owns 7,596,210 shares of the bank’s stock valued at $583,617,000 after acquiring an additional 175,704 shares during the last quarter. Finally, Amundi boosted its position in shares of Bank of New York Mellon by 5.1% in the 4th quarter. Amundi now owns 7,363,015 shares of the bank’s stock worth $573,947,000 after purchasing an additional 359,942 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

Analyst Upgrades and Downgrades

BK has been the subject of several research analyst reports. Wells Fargo & Company boosted their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Truist Financial decreased their target price on shares of Bank of New York Mellon from $90.00 to $87.00 and set a “buy” rating for the company in a research note on Monday. StockNews.com downgraded Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Barclays upped their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $89.64.

Bank of New York Mellon Stock Down 0.2 %

BK stock opened at $77.53 on Tuesday. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock has a market cap of $55.66 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company’s 50 day moving average is $83.46 and its 200 day moving average is $80.28. The Bank of New York Mellon Co. has a 1-year low of $52.64 and a 1-year high of $90.34.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings data on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period last year, the company earned $1.29 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Sell-side analysts predict that The Bank of New York Mellon Co. will post 6.96 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 2nd. Stockholders of record on Monday, April 21st will be paid a $0.47 dividend. The ex-dividend date is Monday, April 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.42%. Bank of New York Mellon’s dividend payout ratio is presently 30.62%.

About Bank of New York Mellon

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.