Concord Wealth Partners Purchases 550 Shares of The Bank of New York Mellon Corporation $BK

Concord Wealth Partners grew its position in shares of The Bank of New York Mellon Corporation (NYSE:BK) by 77.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,261 shares of the bank’s stock after buying an additional 550 shares during the quarter. Concord Wealth Partners’ holdings in Bank of New York Mellon were worth $115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of BK. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon during the 1st quarter valued at $25,000. Cornerstone Planning Group LLC raised its holdings in Bank of New York Mellon by 100.0% in the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after purchasing an additional 196 shares during the period. Orion Capital Management LLC bought a new position in Bank of New York Mellon in the 1st quarter worth $32,000. Finally, Hoey Investments Inc. bought a new position in Bank of New York Mellon in the 2nd quarter worth $32,000. 85.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. TD Cowen assumed coverage on Bank of New York Mellon in a report on Thursday, September 25th. They issued a “buy” rating on the stock. Truist Financial raised their target price on Bank of New York Mellon from $109.00 to $118.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company raised their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Finally, Morgan Stanley raised their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $106.77.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of Bank of New York Mellon stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president 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 legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.14% of the company’s stock.

Bank of New York Mellon Trading Up 1.6%

BK opened at $106.26 on Tuesday. The firm has a market cap 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 Bank of New York Mellon Corporation has a 12 month low of $70.46 and a 12 month high of $110.87. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a 50-day moving average of $105.19 and a 200 day moving average of $93.97.

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

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.