First Trust Advisors LP Increases Holdings in The Bank of New York Mellon Corporation $BK

First Trust Advisors LP boosted its stake in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 1.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,483,889 shares of the bank’s stock after buying an additional 66,010 shares during the period. First Trust Advisors LP’s holdings in Bank of New York Mellon were worth $488,564,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $1,081,847,000. Qube Research & Technologies Ltd acquired a new position in shares of Bank of New York Mellon during the 2nd quarter valued at about $135,728,000. Geode Capital Management LLC grew its holdings in shares of Bank of New York Mellon by 4.3% in the second quarter. Geode Capital Management LLC now owns 18,898,373 shares of the bank’s stock valued at $1,717,074,000 after purchasing an additional 785,478 shares during the period. Robeco Institutional Asset Management B.V. increased its position in Bank of New York Mellon by 36.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 2,166,052 shares of the bank’s stock worth $236,013,000 after purchasing an additional 577,621 shares during the last quarter. Finally, Bank of Nova Scotia raised its stake in Bank of New York Mellon by 698.6% during the second quarter. Bank of Nova Scotia now owns 651,135 shares of the bank’s stock worth $59,325,000 after purchasing an additional 569,602 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Bank of New York Mellon from $132.00 to $143.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Truist Financial upgraded Bank of New York Mellon from a “hold” rating to a “buy” rating and increased their price objective for the stock from $119.00 to $134.00 in a research report on Wednesday, January 7th. Morgan Stanley raised their target price on Bank of New York Mellon from $124.00 to $132.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 14th. Wells Fargo & Company lifted their target price on Bank of New York Mellon from $119.00 to $122.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. Finally, TD Cowen upped their price target on Bank of New York Mellon from $133.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Eight investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $131.92.

Bank of New York Mellon Stock Performance

Shares of BK stock opened at $115.22 on Friday. The firm’s 50 day moving average price is $119.69 and its 200-day moving average price is $112.66. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.71 and a current ratio of 0.71. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $128.76. The firm has a market cap of $79.15 billion, a P/E ratio of 15.55, a P/E/G ratio of 1.09 and a beta of 1.10.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings results on Friday, October 31st. The bank reported $1.91 EPS for the quarter. Bank of New York Mellon had a return on equity of 14.37% and a net margin of 13.62%.The company had revenue of $5.07 billion for the quarter. As a group, equities research analysts predict that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Bank of New York Mellon Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Friday, January 23rd were given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, January 23rd. Bank of New York Mellon’s dividend payout ratio is currently 28.61%.

Bank of New York Mellon Company Profile

Bank of New York Mellon Corporation (BNY Mellon) is a global financial services company headquartered in New York City that provides a wide range of asset servicing, custody, and related financial infrastructure solutions to institutional clients. Its core businesses include custody and asset servicing, clearing and collateral management, treasury services, securities lending, corporate trust services, and depositary receipt administration. The company also offers investment management and advisory services through its asset management arm and provides technology-enabled solutions for trade processing, foreign exchange, and liquidity management.

BNY Mellon serves a broad client base that includes asset managers, pension funds, corporations, banks, broker-dealers and sovereign entities.