Concurrent Investment Advisors LLC Decreases Holdings in The Bank of New York Mellon Corporation $BK

Concurrent Investment Advisors LLC trimmed its holdings in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 10.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,343 shares of the bank’s stock after selling 3,719 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Bank of New York Mellon were worth $2,856,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Apollon Wealth Management LLC raised its position in Bank of New York Mellon by 4.8% in the 2nd quarter. Apollon Wealth Management LLC now owns 27,858 shares of the bank’s stock worth $2,538,000 after purchasing an additional 1,288 shares during the period. Hemington Wealth Management raised its position in Bank of New York Mellon by 6.3% in the 2nd quarter. Hemington Wealth Management now owns 1,730 shares of the bank’s stock worth $157,000 after purchasing an additional 102 shares during the period. Fifth Third Wealth Advisors LLC raised its position in Bank of New York Mellon by 43.5% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 20,895 shares of the bank’s stock worth $1,904,000 after purchasing an additional 6,333 shares during the period. Aberdeen Group plc raised its position in Bank of New York Mellon by 10.5% in the 2nd quarter. Aberdeen Group plc now owns 676,637 shares of the bank’s stock worth $61,608,000 after purchasing an additional 64,157 shares during the period. Finally, JFS Wealth Advisors LLC raised its position in Bank of New York Mellon by 12.5% in the 2nd quarter. JFS Wealth Advisors LLC now owns 4,738 shares of the bank’s stock worth $432,000 after purchasing an additional 527 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

Bank of New York Mellon Price Performance

Shares of BK stock opened at $106.26 on Tuesday. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $74.94 billion, a P/E ratio of 16.22, a P/E/G ratio of 0.98 and a beta of 1.13. The company’s 50-day simple moving average is $105.19 and its two-hundred day simple moving average is $93.97. The Bank of New York Mellon Corporation has a one year low of $70.46 and a one year high of $110.87.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Tuesday, March 26th. The bank reported $1.30 earnings per share (EPS) for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The firm had revenue of $4.38 billion for the quarter. As a group, equities analysts anticipate that The Bank of New York Mellon Corporation will post 6.96 EPS for the current year.

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president directly owned 35,115 shares in the company, valued at approximately $3,457,071.75. This trade represents a 36.29% 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. Corporate insiders own 0.14% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on BK. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on shares of Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Weiss Ratings reissued a “buy (b+)” rating on shares of Bank of New York Mellon in a research report on Wednesday, October 8th. Truist Financial upped their target price on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a research note on Thursday, October 2nd. Finally, Evercore ISI upped their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the stock an “in-line” rating in a research note on Tuesday, September 30th. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $106.77.

About Bank of New York Mellon

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.