GAMMA Investing LLC Purchases 3,930 Shares of The Bank of New York Mellon Co. (NYSE:BK)

GAMMA Investing LLC boosted its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 74.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,177 shares of the bank’s stock after buying an additional 3,930 shares during the period. GAMMA Investing LLC’s holdings in Bank of New York Mellon were worth $550,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Blue Trust Inc. lifted its holdings in shares of Bank of New York Mellon by 159.2% in the 4th quarter. Blue Trust Inc. now owns 858 shares of the bank’s stock worth $45,000 after acquiring an additional 527 shares during the last quarter. Trust Point Inc. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $310,000. Ballentine Partners LLC increased its stake in shares of Bank of New York Mellon by 18.4% in the fourth quarter. Ballentine Partners LLC now owns 12,798 shares of the bank’s stock worth $666,000 after buying an additional 1,990 shares during the period. Boston Trust Walden Corp bought a new stake in Bank of New York Mellon during the 4th quarter valued at $215,000. Finally, International Assets Investment Management LLC purchased a new stake in Bank of New York Mellon during the 4th quarter valued at $7,754,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

BK has been the topic of a number of research analyst reports. Morgan Stanley boosted their price objective on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 30th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $75.00 price objective (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Citigroup lowered Bank of New York Mellon from a “buy” rating to a “neutral” rating and set a $65.00 target price for the company. in a research report on Monday, July 15th. Jefferies Financial Group lifted their price target on Bank of New York Mellon from $67.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Bank of New York Mellon from $61.00 to $63.00 and gave the stock a “hold” rating in a report on Monday, July 15th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $65.86.

Insiders Place Their Bets

In related news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now owns 144,721 shares of the company’s stock, valued at $8,343,165.65. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Bank of New York Mellon news, VP Senthilkumar Santhanakrishnan sold 15,643 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $57.65, for a total transaction of $901,818.95. Following the sale, the vice president now directly owns 144,721 shares in the company, valued at $8,343,165.65. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Hanneke Smits sold 15,000 shares of Bank of New York Mellon stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the completion of the transaction, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The disclosure for this sale can be found here. Insiders have sold a total of 36,858 shares of company stock valued at $2,223,504 in the last quarter. 0.14% of the stock is currently owned by insiders.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $1.52 on Friday, hitting $63.12. 6,162,182 shares of the company’s stock were exchanged, compared to its average volume of 4,774,799. The company has a 50-day simple moving average of $60.95 and a 200-day simple moving average of $57.90. The Bank of New York Mellon Co. has a 1 year low of $39.66 and a 1 year high of $65.90. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.71 and a current ratio of 0.70. The stock has a market capitalization of $47.20 billion, a PE ratio of 14.61, a PEG ratio of 1.14 and a beta of 1.09.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Friday, July 12th. The bank reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. Bank of New York Mellon had a return on equity of 11.87% and a net margin of 9.40%. The business had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the prior year, the business posted $1.38 EPS. Bank of New York Mellon’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts anticipate that The Bank of New York Mellon Co. will post 5.6 EPS for the current year.

Bank of New York Mellon Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 2nd. Shareholders of record on Monday, July 22nd were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend was Monday, July 22nd. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.42. Bank of New York Mellon’s dividend payout ratio (DPR) is currently 43.52%.

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.