First Trust Direct Indexing L.P. Grows Stock Position in The Bank of New York Mellon Co. (NYSE:BK)

First Trust Direct Indexing L.P. increased its holdings in The Bank of New York Mellon Co. (NYSE:BK) by 4.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,502 shares of the bank’s stock after buying an additional 1,337 shares during the period. First Trust Direct Indexing L.P.’s holdings in Bank of New York Mellon were worth $2,192,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in BK. Wealth Enhancement Advisory Services LLC boosted its position in shares of Bank of New York Mellon by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 54,013 shares of the bank’s stock worth $3,112,000 after buying an additional 4,304 shares in the last quarter. Norden Group LLC acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $870,000. Private Advisor Group LLC raised its stake in Bank of New York Mellon by 42.0% in the 1st quarter. Private Advisor Group LLC now owns 50,770 shares of the bank’s stock valued at $2,925,000 after purchasing an additional 15,026 shares during the last quarter. Smith Group Asset Management LLC acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $14,428,000. Finally, DORCHESTER WEALTH MANAGEMENT Co acquired a new position in Bank of New York Mellon in the 1st quarter valued at about $213,000. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BK. Morgan Stanley boosted their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Evercore ISI boosted their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research note on Monday, October 14th. UBS Group boosted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Finally, Barclays upped their price objective on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the company an “overweight” rating in a research note on Monday, October 14th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $76.69.

Bank of New York Mellon Stock Down 0.8 %

Shares of NYSE:BK opened at $75.93 on Thursday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70. The Bank of New York Mellon Co. has a 1 year low of $42.18 and a 1 year high of $78.03. The stock has a market capitalization of $56.78 billion, a P/E ratio of 17.58, a PEG ratio of 1.16 and a beta of 1.08. The stock has a 50-day simple moving average of $71.63 and a 200-day simple moving average of $64.21.

Bank of New York Mellon Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon’s payout ratio is currently 43.52%.

Insider Transactions at Bank of New York Mellon

In other news, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the completion of the sale, the executive vice president now owns 75,404 shares in the company, valued at approximately $5,754,079.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was 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 owns 75,404 shares in the company, valued at $5,754,079.24. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Hanneke Smits sold 16,475 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the completion of the transaction, the vice president now owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.14% of the company’s stock.

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.