United Asset Strategies Inc. Invests $1.81 Million in The Bank of New York Mellon Co. (NYSE:BK)

United Asset Strategies Inc. bought a new position in The Bank of New York Mellon Co. (NYSE:BK - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 25,138 shares of the bank's stock, valued at approximately $1,806,000.

Other hedge funds also recently bought and sold shares of the company. McClarren Financial Advisors Inc. grew its stake in Bank of New York Mellon by 586.4% during the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank's stock valued at $29,000 after acquiring an additional 346 shares in the last quarter. Olistico Wealth LLC purchased a new position in Bank of New York Mellon during the second quarter valued at approximately $30,000. Clearstead Trust LLC purchased a new position in Bank of New York Mellon during the second quarter valued at approximately $32,000. Fortitude Family Office LLC lifted its position in Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank's stock valued at $44,000 after purchasing an additional 346 shares during the last quarter. Finally, Grove Bank & Trust lifted its position in Bank of New York Mellon by 28.8% during the third quarter. Grove Bank & Trust now owns 644 shares of the bank's stock valued at $46,000 after purchasing an additional 144 shares during the last quarter. Hedge funds and other institutional investors own 85.31% of the company's stock.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 25,000 shares of the stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Hanneke Smits sold 16,475 shares of the firm's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the transaction, the vice president now directly owns 157,455 shares of the company's stock, valued at $12,040,583.85. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.14% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Bank of New York Mellon from a "hold" rating to a "buy" rating and lifted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 23rd. The Goldman Sachs Group lifted their target price on shares of Bank of New York Mellon from $74.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. UBS Group lifted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the company a "buy" rating in a research report on Tuesday, October 8th. 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. Finally, Citigroup lifted their target price on shares of Bank of New York Mellon from $65.00 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, September 19th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $76.69.

Bank of New York Mellon Trading Down 0.8 %

Shares of NYSE:BK traded down $0.57 during midday trading on Thursday, hitting $75.36. 3,245,521 shares of the stock traded hands, compared to its average volume of 3,864,815. The stock has a market capitalization of $56.36 billion, a PE ratio of 17.50, a P/E/G ratio of 1.16 and a beta of 1.08. The business's 50 day moving average is $71.63 and its two-hundred day moving average is $64.21. 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 one year low of $42.18 and a one year high of $78.03.

Bank of New York Mellon Dividend Announcement

The company 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 dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 2.49%. The ex-dividend date is Monday, October 21st. Bank of New York Mellon's dividend payout ratio (DPR) is 43.52%.

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.