Gabelli Funds LLC Has $155.91 Million Stock Position in The Bank of New York Mellon Corporation $BK

Gabelli Funds LLC lessened its position in The Bank of New York Mellon Corporation (NYSE:BK) by 4.2% in the third quarter, HoldingsChannel.com reports. The fund owned 1,430,874 shares of the bank’s stock after selling 62,100 shares during the period. Bank of New York Mellon comprises about 1.1% of Gabelli Funds LLC’s portfolio, making the stock its 10th biggest holding. Gabelli Funds LLC’s holdings in Bank of New York Mellon were 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 bought and sold shares of the business. Norges Bank acquired a new position in Bank of New York Mellon during the second quarter worth approximately $1,081,847,000. Qube Research & Technologies Ltd acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at approximately $135,728,000. Geode Capital Management LLC lifted its position in shares of Bank of New York Mellon by 4.3% in the second 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 last quarter. Robeco Institutional Asset Management B.V. boosted its stake in shares of Bank of New York Mellon by 36.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after acquiring an additional 577,621 shares during the period. Finally, Bank of Nova Scotia increased its holdings in shares of Bank of New York Mellon by 698.6% during the 2nd quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock worth $59,325,000 after acquiring an additional 569,602 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on BK. Truist Financial upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price objective for the company from $119.00 to $134.00 in a report on Wednesday, January 7th. New Street Research set a $143.00 target price on Bank of New York Mellon in a research note on Wednesday, January 14th. Morgan Stanley lifted their price target on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a report on Wednesday, January 14th. Citigroup assumed coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. Finally, TD Cowen upped their price objective on Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $131.92.

Bank of New York Mellon Trading Down 1.3%

Shares of BK opened at $115.22 on Friday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71. The Bank of New York Mellon Corporation has a 52-week low of $70.46 and a 52-week high of $128.76. The firm has a market cap of $79.15 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 1.09 and a beta of 1.10. The business’s fifty day moving average is $119.69 and its 200-day moving average is $112.66.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, October 31st. The bank reported $1.91 earnings per share for the quarter. The business had revenue of $5.07 billion during the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%. Equities analysts anticipate 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. Shareholders of record on Friday, January 23rd were paid a dividend of $0.53 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a $2.12 annualized dividend and a yield of 1.8%. Bank of New York Mellon’s payout ratio is presently 28.61%.

About Bank of New York Mellon

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.