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

Posted by Defense World Staff on Jun 24th, 2023

Gateway Investment Advisers LLC raised its position in shares of The Bank of New York Mellon Co. (NYSE:BK – Get Rating) by 80.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,064 shares of the bank’s stock after purchasing an additional 9,418 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Bank of New York Mellon were worth $957,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Canandaigua National Bank & Trust Co. bought a new position in Bank of New York Mellon during the first quarter valued at about $429,000. Wedmont Private Capital bought a new stake in shares of Bank of New York Mellon in the 1st quarter worth approximately $216,000. Stolper Co grew its position in Bank of New York Mellon by 0.4% in the first quarter. Stolper Co now owns 76,852 shares of the bank’s stock worth $3,492,000 after buying an additional 286 shares during the last quarter. Sound Income Strategies LLC lifted its position in shares of Bank of New York Mellon by 2.9% during the 1st quarter. Sound Income Strategies LLC now owns 34,033 shares of the bank’s stock valued at $1,546,000 after acquiring an additional 961 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of Bank of New York Mellon by 4.1% in the 1st quarter. Diversified Trust Co now owns 10,164 shares of the bank’s stock worth $462,000 after acquiring an additional 401 shares during the last quarter. 81.19% of the stock is currently owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

NYSE BK opened at $42.84 on Friday. The company has a 50 day moving average price of $42.36 and a two-hundred day moving average price of $45.64. The Bank of New York Mellon Co. has a 12-month low of $36.22 and a 12-month high of $52.26. The stock has a market capitalization of $33.81 billion, a PE ratio of 13.56, a price-to-earnings-growth ratio of 1.18 and a beta of 1.07. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.92.

Bank of New York Mellon (NYSE:BK – Get Rating) last issued its quarterly earnings data on Tuesday, April 18th. The bank reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.03. Bank of New York Mellon had a net margin of 11.98% and a return on equity of 11.45%. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the company posted $0.86 earnings per share. Bank of New York Mellon’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that The Bank of New York Mellon Co. will post 4.74 earnings per share for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 11th. Investors of record on Friday, April 28th were issued a $0.37 dividend. The ex-dividend date was Thursday, April 27th. This represents a $1.48 annualized dividend and a yield of 3.45%. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 46.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on BK shares. Evercore ISI cut their price target on shares of Bank of New York Mellon from $49.00 to $46.00 in a report on Friday, May 12th. Morgan Stanley raised their target price on Bank of New York Mellon from $46.00 to $47.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 19th. StockNews.com initiated coverage on Bank of New York Mellon in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on Bank of New York Mellon from $42.00 to $41.00 in a research report on Wednesday, April 19th. Finally, Wells Fargo & Company dropped their target price on Bank of New York Mellon from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $51.82.

Bank of New York Mellon Company Profile

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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.