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

First Trust Direct Indexing L.P. grew its holdings in shares of The Bank of New York Mellon Co. (NYSE:BK) by 4.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,502 shares of the bank’s stock after buying an additional 1,337 shares during the quarter. 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 also recently made changes to their positions in the business. Valmark Advisers Inc. raised its position in shares of Bank of New York Mellon by 2.9% during the 3rd quarter. Valmark Advisers Inc. now owns 12,637 shares of the bank’s stock valued at $908,000 after acquiring an additional 359 shares in the last quarter. Fortitude Family Office LLC raised its position in shares of Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares in the last quarter. abrdn plc raised its position in shares of Bank of New York Mellon by 4.6% during the 3rd quarter. abrdn plc now owns 1,450,249 shares of the bank’s stock valued at $103,417,000 after acquiring an additional 64,302 shares in the last quarter. Pallas Capital Advisors LLC raised its position in shares of Bank of New York Mellon by 6.5% during the 3rd quarter. Pallas Capital Advisors LLC now owns 5,426 shares of the bank’s stock valued at $415,000 after acquiring an additional 331 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Bank of New York Mellon by 67.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 132,496 shares of the bank’s stock valued at $9,521,000 after acquiring an additional 53,534 shares in the last quarter. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK opened at $75.93 on Thursday. The stock’s fifty day moving average is $71.63 and its 200-day moving average is $64.21. The Bank of New York Mellon Co. has a one year low of $42.18 and a one year high of $78.03. The firm has a market capitalization of $56.78 billion, a price-to-earnings ratio of 17.58, a price-to-earnings-growth ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.70 and a current ratio of 0.70.

Bank of New York Mellon Announces Dividend

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

Insider Activity at Bank of New York Mellon

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the firm’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 transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, VP Hanneke Smits sold 16,475 shares of the stock in a transaction 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 in the company, valued at $12,040,583.85. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction on 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 owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This trade 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BK shares. Evercore ISI upped their price target on Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $69.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, October 7th. Citigroup increased their target price on Bank of New York Mellon from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Barclays increased their target price on Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, Wells Fargo & Company increased their target price on Bank of New York Mellon from $69.00 to $79.00 and gave the stock an “equal weight” rating in a research report on Monday, October 14th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $76.69.

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.