Bank of New York Mellon Corp Grows Stake in Blue Foundry Bancorp (NASDAQ:BLFY)

Bank of New York Mellon Corp boosted its position in Blue Foundry Bancorp (NASDAQ:BLFY) by 14.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,637 shares of the company’s stock after purchasing an additional 9,303 shares during the period. Bank of New York Mellon Corp owned about 0.31% of Blue Foundry Bancorp worth $677,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. EntryPoint Capital LLC purchased a new position in Blue Foundry Bancorp during the first quarter worth $32,000. Round Hill Asset Management increased its position in Blue Foundry Bancorp by 32.8% during the first quarter. Round Hill Asset Management now owns 21,234 shares of the company’s stock worth $199,000 after buying an additional 5,248 shares in the last quarter. Wittenberg Investment Management Inc. increased its position in Blue Foundry Bancorp by 53.6% during the fourth quarter. Wittenberg Investment Management Inc. now owns 34,404 shares of the company’s stock worth $333,000 after buying an additional 12,000 shares in the last quarter. Park Avenue Securities LLC purchased a new position in Blue Foundry Bancorp during the first quarter worth $505,000. Finally, Vanguard Group Inc. increased its position in Blue Foundry Bancorp by 2.5% during the first quarter. Vanguard Group Inc. now owns 1,340,909 shares of the company’s stock worth $12,551,000 after buying an additional 33,150 shares in the last quarter. 56.52% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Robert Thomas Goldstein sold 3,500 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $10.79, for a total transaction of $37,765.00. Following the transaction, the director now directly owns 39,283 shares in the company, valued at $423,863.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 5.98% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on BLFY. Keefe, Bruyette & Woods raised their price target on Blue Foundry Bancorp from $8.00 to $9.25 and gave the stock a “market perform” rating in a research report on Thursday, July 25th. Piper Sandler lifted their target price on Blue Foundry Bancorp from $9.50 to $12.00 and gave the company a “neutral” rating in a report on Monday, July 29th.

Blue Foundry Bancorp Stock Performance

BLFY opened at $10.95 on Monday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.22 and a quick ratio of 1.22. Blue Foundry Bancorp has a 1-year low of $7.08 and a 1-year high of $11.48. The business has a 50 day moving average price of $10.61 and a two-hundred day moving average price of $9.54. The company has a market capitalization of $259.61 million, a price-to-earnings ratio of -27.38 and a beta of 0.55.

Blue Foundry Bancorp (NASDAQ:BLFY) last announced its quarterly earnings results on Wednesday, July 24th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.08. The firm had revenue of $21.83 million during the quarter, compared to analysts’ expectations of $9.67 million. Blue Foundry Bancorp had a negative net margin of 11.29% and a negative return on equity of 2.71%. During the same quarter last year, the company earned ($0.08) earnings per share. Research analysts predict that Blue Foundry Bancorp will post -0.58 EPS for the current fiscal year.

About Blue Foundry Bancorp

Blue Foundry Bancorp operates as a bank holding company for Blue Foundry Bank, a savings bank that offers various banking products and services for individuals and businesses in the United States. The company offers saving, time, and non-interest bearing deposits; demand accounts; and loans, such as one-to-four family residential property, multi-family, residential real estate, non-residential real estate, consumer, construction, and commercial and industrial loans, as well as junior liens and home equity lines of credit.