Gabelli Funds LLC lessened its stake in Bank of New York Mellon Corp (NYSE:BK) by 5.7% in the third quarter, Holdings Channel reports. The firm owned 2,816,900 shares of the bank’s stock after selling 171,600 shares during the period. Bank of New York Mellon accounts for about 0.8% of Gabelli Funds LLC’s holdings, making the stock its 8th biggest position. Gabelli Funds LLC’s holdings in Bank of New York Mellon were worth $143,634,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Country Trust Bank grew its stake in Bank of New York Mellon by 10.9% in the second quarter. Country Trust Bank now owns 582,489 shares of the bank’s stock valued at $31,414,000 after acquiring an additional 57,346 shares during the period. Natixis grew its stake in Bank of New York Mellon by 32.0% in the second quarter. Natixis now owns 896,438 shares of the bank’s stock valued at $48,345,000 after acquiring an additional 217,260 shares during the period. Elgethun Capital Management grew its stake in Bank of New York Mellon by 5.2% in the second quarter. Elgethun Capital Management now owns 57,349 shares of the bank’s stock valued at $3,080,000 after acquiring an additional 2,836 shares during the period. MetLife Investment Advisors LLC acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $16,045,000. Finally, FMR LLC boosted its position in shares of Bank of New York Mellon by 123.2% during the second quarter. FMR LLC now owns 18,383,793 shares of the bank’s stock worth $991,438,000 after buying an additional 10,147,809 shares during the period. Institutional investors and hedge funds own 83.47% of the company’s stock.
BK stock opened at $47.21 on Monday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.81. The stock has a market cap of $47.21 billion, a PE ratio of 13.11, a PEG ratio of 1.46 and a beta of 1.04. Bank of New York Mellon Corp has a fifty-two week low of $45.16 and a fifty-two week high of $58.99.
Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Thursday, October 18th. The bank reported $1.06 EPS for the quarter, beating the consensus estimate of $1.04 by $0.02. Bank of New York Mellon had a return on equity of 11.48% and a net margin of 24.92%. The firm had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $4.15 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of New York Mellon Corp will post 4.17 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Tuesday, October 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Monday, October 29th. This represents a $1.12 annualized dividend and a yield of 2.37%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 31.11%.
Several research analysts have recently weighed in on the company. Wolfe Research assumed coverage on Bank of New York Mellon in a research report on Tuesday, September 25th. They set an “underperform” rating for the company. Citigroup reduced their price objective on Bank of New York Mellon from $66.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 19th. Zacks Investment Research raised Bank of New York Mellon from a “sell” rating to a “hold” rating and set a $57.00 price objective for the company in a research report on Monday, September 17th. Deutsche Bank upped their price objective on Bank of New York Mellon from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, September 27th. Finally, Keefe, Bruyette & Woods cut Bank of New York Mellon from a “market perform” rating to an “underperform” rating and reduced their price objective for the stock from $55.00 to $49.00 in a research report on Friday, October 19th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.38.
Bank of New York Mellon Profile
The Bank of New York Mellon Corporation provides a range of financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. The company operates through two segments, Investment Management and Investment Services. It offers investment management, custody, foreign exchange, fund broker-dealer, collateral and liquidity, clearing, corporate trust, global payment, trade finance, and cash management services, as well as securities finance and depositary receipts.
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