Bank of New York Mellon Corporation $BNY Stock Acquired by Parallel Advisors LLC

Key Points

• Parallel Advisors increased its Bank of New York Mellon position by 40.8% in the third quarter, adding 6,802 shares and bringing its holdings to 23,463 shares, worth about $3.39 million.
• BNY reported quarterly earnings of $2.37 per share, beating the $2.26 consensus estimate; revenue rose 11.7% year over year to $5.68 billion.
• Analysts have a consensus Moderate Buy rating and a $165.04 price target; 85.31% of the stock is held by institutional investors and hedge funds.

Parallel Advisors LLC lifted its position in Bank of New York Mellon Corporation (NYSE:BNY - Free Report) by 40.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,463 shares of the bank's stock after acquiring an additional 6,802 shares during the period. Parallel Advisors LLC's holdings in Bank of New York Mellon were worth $3,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of BNY. United Advisor Group LLC grew its position in Bank of New York Mellon by 4.2% during the 3rd quarter. United Advisor Group LLC now owns 4,244 shares of the bank's stock worth $614,000 after purchasing an additional 173 shares during the period. Ashton Thomas Private Wealth LLC lifted its holdings in Bank of New York Mellon by 12.0% in the third quarter. Ashton Thomas Private Wealth LLC now owns 34,013 shares of the bank's stock valued at $4,919,000 after acquiring an additional 3,648 shares during the period. CenterBook Partners LP acquired a new position in Bank of New York Mellon in the third quarter valued at approximately $2,621,000. Heritage Family Offices LLP purchased a new stake in Bank of New York Mellon in the 3rd quarter worth approximately $188,000. Finally, Calamos Wealth Management LLC grew its stake in shares of Bank of New York Mellon by 19.5% during the 3rd quarter. Calamos Wealth Management LLC now owns 3,139 shares of the bank's stock worth $454,000 after purchasing an additional 513 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $147.92 on Monday. The stock has a market capitalization of $99.54 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 0.98 and a beta of 1.02. Bank of New York Mellon Corporation has a 52 week low of $105.42 and a 52 week high of $165.84. The firm has a 50-day simple moving average of $150.26 and a 200-day simple moving average of $139.94. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.26 by $0.11. The business had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. Bank of New York Mellon's revenue for the quarter was up 11.7% on a year-over-year basis. On average, equities analysts predict that Bank of New York Mellon Corporation will post 9.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BNY has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods reissued an "outperform" rating on shares of Bank of New York Mellon in a report on Friday, October 16th. Truist Financial reduced their price target on Bank of New York Mellon from $172.00 to $165.00 and set a "buy" rating for the company in a report on Friday, October 16th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $161.00 to $166.50 and gave the company an "overweight" rating in a report on Friday, October 30th. TD Cowen assumed coverage on shares of Bank of New York Mellon in a research note on Thursday, October 8th. They issued a "hold" rating and a $160.00 price target on the stock. Finally, Citigroup dropped their target price on shares of Bank of New York Mellon from $160.00 to $157.00 and set a "neutral" rating on the stock in a research report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $165.04.

Insider Transactions at Bank of New York Mellon

In related news, CEO Robin Vince sold 9,380 shares of the firm's stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $147.82, for a total transaction of $1,386,551.60. Following the completion of the sale, the chief executive officer directly owned 575,794 shares in the company, valued at approximately $85,113,869.08. This trade represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total transaction of $520,291.20. Following the completion of the sale, the vice president directly owned 173,304 shares of the company's stock, valued at approximately $25,616,064.24. This trade represents a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 60,560 shares of company stock valued at $9,007,119 in the last three months. 0.17% of the stock is currently owned by insiders.

Bank of New York Mellon 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.

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