Gateway Investment Advisers LLC Increases Position in The Bank of New York Mellon Co. (NYSE:BK)

Gateway Investment Advisers LLC increased its position in shares of The Bank of New York Mellon Co. (NYSE:BK) by 3.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,589 shares of the bank’s stock after purchasing an additional 478 shares during the period. Gateway Investment Advisers LLC’s holdings in Bank of New York Mellon were worth $1,391,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Parvin Asset Management LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth about $25,000. Bellwether Advisors LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $28,000. REAP Financial Group LLC increased its holdings in Bank of New York Mellon by 123.2% in the fourth quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock valued at $30,000 after buying an additional 218 shares in the last quarter. Transce3nd LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $33,000. Finally, South Plains Financial Inc. purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $34,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Stock Up 2.0%

Shares of BK opened at $90.33 on Monday. The firm has a market cap of $64.63 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 0.97 and a beta of 1.08. The company’s fifty day moving average is $82.87 and its two-hundred day moving average is $82.65. The Bank of New York Mellon Co. has a fifty-two week low of $57.18 and a fifty-two week high of $90.63. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83.

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

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Shareholders of record on Monday, April 21st were issued a $0.47 dividend. The ex-dividend date of this dividend was Monday, April 21st. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.08%. Bank of New York Mellon’s dividend payout ratio (DPR) is presently 30.62%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on BK shares. Morgan Stanley increased their target price on shares of Bank of New York Mellon from $94.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, June 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 target price on shares of Bank of New York Mellon in a report on Monday, March 17th. Truist Financial cut shares of Bank of New York Mellon from a “buy” rating to a “hold” rating and increased their target price for the company from $87.00 to $97.00 in a report on Wednesday, May 28th. Wells Fargo & Company increased their target price 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. Finally, Evercore ISI increased their price target on shares of Bank of New York Mellon from $83.00 to $87.00 and gave the company an “in-line” rating in a research report on Tuesday, April 1st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.85.

Insider Buying and Selling at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 30,000 shares of Bank of New York Mellon stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $79.03, for a total transaction of $2,370,900.00. Following the transaction, the executive vice president now owns 55,115 shares in the company, valued at approximately $4,355,738.45. The trade was a 35.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction on Monday, April 14th. The shares were sold at an average price of $77.31, for a total transaction of $5,061,717.63. Following the transaction, the vice president now owns 87,542 shares in the company, valued at $6,767,872.02. The trade was a 42.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,114 shares of company stock worth $7,869,795 in the last quarter. 0.14% of the stock is owned by insiders.

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.