Concurrent Investment Advisors LLC Makes New Investment in Bank of New York Mellon Corporation $BNY

Key Points

• Concurrent Investment Advisors acquired 24,689 shares of Bank of New York Mellon in the second quarter, worth approximately $3.57 million. Institutional investors and hedge funds collectively own 85.31% of the stock.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $157.13; several firms recently raised their targets to between $172 and $180.
• BNY reported strong quarterly results, earning $2.46 per share versus the $2.16 estimate and generating $5.70 billion in revenue, up 13.3% year over year. The stock opened at $165.05, near its 52-week high of $165.84.

Concurrent Investment Advisors LLC purchased a new stake in shares of Bank of New York Mellon Corporation (NYSE:BNY - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 24,689 shares of the bank's stock, valued at approximately $3,570,000.

A number of other institutional investors have also recently added to or reduced their stakes in BNY. Abound Financial LLC acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth $25,000. MCF Advisors LLC lifted its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the last quarter. Luken Investment Analytics LLC bought a new stake in Bank of New York Mellon in the second quarter worth $27,000. Burnham & Co LLC bought a new stake in Bank of New York Mellon in the second quarter worth $29,000. Finally, EFG International AG acquired a new position in Bank of New York Mellon during the second quarter worth $29,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The SEC filing for this sale provides additional information. Insiders own 0.17% of the company's stock.

Wall Street Analyst Weigh In

BNY has been the topic of several recent research reports. Truist Financial raised their target price on Bank of New York Mellon from $160.00 to $178.00 and gave the company a "buy" rating in a report on Thursday, July 16th. Bank of America increased their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a report on Monday, July 20th. Weiss Ratings downgraded Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Citigroup boosted their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Finally, Argus increased their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $157.13.

Bank of New York Mellon Stock Up 0.1%

BNY opened at $165.05 on Tuesday. The business has a 50 day moving average of $157.89 and a 200-day moving average of $139.97. The stock has a market capitalization of $111.99 billion, a price-to-earnings ratio of 19.21, a P/E/G ratio of 1.24 and a beta of 1.05. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon Corporation has a 1-year low of $102.63 and a 1-year high of $165.84.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. Bank of New York Mellon's revenue was up 13.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Bank of New York Mellon Corporation will post 9.26 earnings per share for the current year.

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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