Peapack Gladstone Financial Corp Reduces Holdings in The Bank of New York Mellon Co. (NYSE:BK)

Peapack Gladstone Financial Corp lessened its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 1.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,281 shares of the bank’s stock after selling 413 shares during the period. Peapack Gladstone Financial Corp’s holdings in Bank of New York Mellon were worth $1,960,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in Bank of New York Mellon by 18.7% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 64,127 shares of the bank’s stock worth $3,841,000 after buying an additional 10,114 shares in the last quarter. Blue Trust Inc. raised its stake in Bank of New York Mellon by 86.9% in the 2nd quarter. Blue Trust Inc. now owns 856 shares of the bank’s stock valued at $49,000 after purchasing an additional 398 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Bank of New York Mellon by 123.4% in the 2nd quarter. Nisa Investment Advisors LLC now owns 78,962 shares of the bank’s stock valued at $4,729,000 after purchasing an additional 43,611 shares in the last quarter. Continuum Advisory LLC boosted its stake in shares of Bank of New York Mellon by 95.2% during the 2nd quarter. Continuum Advisory LLC now owns 1,216 shares of the bank’s stock worth $73,000 after purchasing an additional 593 shares during the last quarter. Finally, Dakota Wealth Management grew its holdings in shares of Bank of New York Mellon by 5.2% during the second quarter. Dakota Wealth Management now owns 154,659 shares of the bank’s stock worth $9,263,000 after buying an additional 7,629 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total value of $1,907,750.00. Following the completion of the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This represents a 24.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Down 0.9 %

Shares of BK stock opened at $78.83 on Friday. The Bank of New York Mellon Co. has a fifty-two week low of $50.87 and a fifty-two week high of $82.72. The firm’s 50 day moving average price is $77.82 and its two-hundred day moving average price is $69.03. The stock has a market cap of $57.32 billion, a price-to-earnings ratio of 17.14, a price-to-earnings-growth ratio of 0.91 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The business had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. On average, analysts anticipate that The Bank of New York Mellon Co. will post 5.84 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Monday, October 21st were given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend was Monday, October 21st. Bank of New York Mellon’s payout ratio is 40.87%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BK shares. The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Barclays raised their price objective on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a report on Monday, October 14th. Keefe, Bruyette & Woods upped their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a research note on Tuesday, December 3rd. Morgan Stanley raised Bank of New York Mellon from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $82.00 to $94.00 in a research note on Monday, December 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research note on Monday, October 14th. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average price target of $81.00.

Bank of New York Mellon 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.