Lake Street Advisors Group LLC Acquires 530 Shares of The Bank of New York Mellon Co. (NYSE:BK)

Lake Street Advisors Group LLC boosted its stake in shares of The Bank of New York Mellon Co. (NYSE:BK) by 11.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,228 shares of the bank’s stock after acquiring an additional 530 shares during the period. Lake Street Advisors Group LLC’s holdings in Bank of New York Mellon were worth $376,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BK. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 4.2% in the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock worth $623,891,000 after purchasing an additional 421,161 shares during the period. Victory Capital Management Inc. increased its holdings 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 during the period. Legal & General Group Plc raised its position in shares of 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 shares of Bank of New York Mellon by 3.9% during the 2nd quarter. LSV Asset Management now owns 7,569,133 shares of the bank’s stock worth $453,315,000 after acquiring an additional 286,820 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Bank of New York Mellon by 6.7% in the second 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. 85.31% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, 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 transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Hanneke Smits sold 16,475 shares of the business’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 transaction of $1,259,843.25. Following the completion of the sale, the vice president now owns 157,455 shares in the company, valued at $12,040,583.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP J Kevin Mccarthy sold 25,000 shares of the 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 owns 75,404 shares in the company, valued at approximately $5,754,079.24. This 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 company insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on BK shares. JPMorgan Chase & Co. upped 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 note on Monday, October 7th. Morgan Stanley boosted their price objective on Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $69.00 to $79.00 and gave the company an “equal weight” rating in a research note on Monday, October 14th. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Monday, October 14th. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and set 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. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.69.

Bank of New York Mellon Stock Down 1.7 %

Shares of Bank of New York Mellon stock opened at $75.20 on Friday. The stock’s 50-day moving average is $70.98 and its 200 day moving average is $63.73. The Bank of New York Mellon Co. has a one year low of $41.44 and a one year high of $78.03. The firm has a market cap of $56.24 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 1.16 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

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 given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Monday, October 21st. Bank of New York Mellon’s dividend payout ratio (DPR) is 43.52%.

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.