The Bank of New York Mellon Co. (NYSE:BK) Stock Position Boosted by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. boosted its stake in The Bank of New York Mellon Co. (NYSE:BK) by 3.1% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 76,702 shares of the bank’s stock after buying an additional 2,307 shares during the period. Pinnacle Associates Ltd.’s holdings in Bank of New York Mellon were worth $5,512,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ameriprise Financial Inc. grew its position in Bank of New York Mellon by 4.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares in the last quarter. Victory Capital Management Inc. grew its position in Bank of New York Mellon by 2.2% in the 2nd quarter. Victory Capital Management Inc. now owns 8,192,345 shares of the bank’s stock valued at $490,640,000 after buying an additional 179,503 shares in the last quarter. Legal & General Group Plc grew its position in Bank of New York Mellon by 1.2% in the 2nd quarter. Legal & General Group Plc now owns 8,058,064 shares of the bank’s stock valued at $482,597,000 after buying an additional 97,286 shares in the last quarter. LSV Asset Management lifted its holdings in Bank of New York Mellon by 3.9% in the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock valued at $453,315,000 after acquiring an additional 286,820 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Bank of New York Mellon by 6.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,252,925 shares of the bank’s stock valued at $434,370,000 after acquiring an additional 454,151 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a report on Monday, October 14th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a report on Monday, October 14th. UBS Group upped their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group upped their price target on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating and upped their price target for the company from $66.00 to $80.00 in a report on Monday, September 23rd. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average price target of $76.69.

Insider Transactions at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $12,040,583.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Hanneke Smits sold 16,475 shares of the firm’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 completion of the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the firm’s stock in a transaction 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 directly owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is currently owned by corporate insiders.

Bank of New York Mellon Trading Down 0.8 %

Shares of Bank of New York Mellon stock opened at $75.36 on Friday. The company’s fifty day simple moving average is $71.83 and its 200-day simple moving average is $64.29. The company has a market cap of $56.36 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 1.16 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The Bank of New York Mellon Co. has a 1 year low of $42.18 and a 1 year high of $78.03.

Bank of New York Mellon Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Monday, October 21st will be paid a $0.47 dividend. The ex-dividend date of this dividend is Monday, October 21st. This represents a $1.88 annualized dividend and a dividend yield of 2.49%. Bank of New York Mellon’s payout ratio is 43.52%.

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.