Allspring Global Investments Holdings LLC Decreases Stake in The Bank of New York Mellon Co. (NYSE:BK)

Allspring Global Investments Holdings LLC cut its stake in The Bank of New York Mellon Co. (NYSE:BK) by 6.3% in the third quarter, Holdings Channel reports. The fund owned 908,820 shares of the bank’s stock after selling 61,090 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Bank of New York Mellon were worth $65,308,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cyndeo Wealth Partners LLC increased its position in shares of Bank of New York Mellon by 5.2% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 5,701 shares of the bank’s stock worth $410,000 after purchasing an additional 282 shares during the last quarter. Means Investment CO. Inc. acquired a new stake in shares of Bank of New York Mellon during the 3rd quarter worth about $226,000. Resonant Capital Advisors LLC increased its position in shares of Bank of New York Mellon by 6.1% during the 3rd quarter. Resonant Capital Advisors LLC now owns 4,484 shares of the bank’s stock worth $322,000 after purchasing an additional 256 shares during the last quarter. Blue Trust Inc. grew its position in Bank of New York Mellon by 95.4% in the 3rd quarter. Blue Trust Inc. now owns 1,673 shares of the bank’s stock valued at $120,000 after acquiring an additional 817 shares in the last quarter. Finally, Net Worth Advisory Group acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $372,000. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

BK stock opened at $75.91 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a fifty-two week low of $41.28 and a fifty-two week high of $78.03. The business has a 50 day moving average price of $70.06 and a 200 day moving average price of $63.28. The stock has a market cap of $56.77 billion, a price-to-earnings ratio of 17.57, a PEG ratio of 1.16 and a beta of 1.08.

Bank of New York Mellon Announces Dividend

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

Analyst Upgrades and Downgrades

BK has been the subject of several research reports. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a research report on Monday, October 14th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 target price (up from $70.00) on shares of Bank of New York Mellon in a research report on Monday, July 15th. Evercore ISI lifted their price objective on 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. The Goldman Sachs Group lifted their price objective on 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. Finally, JPMorgan Chase & Co. lifted their price objective on Bank of New York Mellon from $69.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, October 7th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.69.

Insider Activity

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

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.