Bank of New York Mellon (NYSE:BNY) Price Target Raised to $180.00

by · The Cerbat Gem

Bank of New York Mellon (NYSE:BNY – Free Report) had its price objective boosted by Argus from $153.00 to $180.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the bank’s stock.

A number of other equities research analysts also recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price objective on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Bank of America lifted their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $156.47.

Read Our Latest Stock Analysis on Bank of New York Mellon

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $158.74 on Wednesday. The stock’s 50-day simple moving average is $146.41 and its two-hundred day simple moving average is $131.24. Bank of New York Mellon has a twelve month low of $98.40 and a twelve month high of $163.77. The firm has a market capitalization of $108.96 billion, a P/E ratio of 18.48, a P/E/G ratio of 1.14 and a beta of 1.07. The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY – Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the company posted $1.93 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, equities analysts anticipate that Bank of New York Mellon will post 9.22 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Bank of New York Mellon by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after acquiring an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in Bank of New York Mellon by 18,044.4% in the 4th 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. Norges Bank purchased a new position in Bank of New York Mellon in the 4th quarter worth approximately $1,398,624,000. Invesco Ltd. lifted its position in Bank of New York Mellon by 8.2% in the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after purchasing an additional 578,999 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock valued at $771,080,000 after purchasing an additional 6,119,749 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

Bank of New York Mellon Company Profile

(Get Free Report)

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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