Concurrent Investment Advisors LLC Purchases Shares of 24,689 Bank of New York Mellon Corporation $BNY

Concurrent Investment Advisors LLC acquired a new stake in Bank of New York Mellon Corporation (NYSE:BNY) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 24,689 shares of the bank’s stock, valued at approximately $3,570,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BNY. BlackRock Inc. bought a new stake in Bank of New York Mellon in the second quarter valued at about $8,321,111,000. Northwestern Mutual Wealth Management Co. lifted its stake in Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Bank of America Corp DE acquired a new stake in Bank of New York Mellon during the second quarter valued at approximately $2,499,438,000. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 4th quarter valued at approximately $1,398,624,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $1,214,193,000. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Stock Up 0.1%

Shares of BNY opened at $165.05 on Tuesday. The company has a market capitalization of $111.99 billion, a P/E ratio of 19.21, a PEG ratio of 1.24 and a beta of 1.05. Bank of New York Mellon Corporation has a one year low of $102.63 and a one year high of $165.84. The business’s 50 day simple moving average is $157.89 and its 200-day simple moving average is $139.97. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted $1.93 EPS. As a group, sell-side analysts predict that Bank of New York Mellon Corporation will post 9.26 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Truist Financial raised their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Erste Group Bank started coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Weiss Ratings cut Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a report on Thursday, August 13th. Finally, Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $157.13.

Insiders Place Their Bets

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president directly owned 180,344 shares in the company, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.17% of the company’s stock.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world’s capital markets, partnering with clients to help them operate more efficiently and accelerate growth.