Bank of New York Mellon (NYSE:BNY) Price Target Raised to $161.00

by · The Markets Daily

Bank of New York Mellon (NYSE:BNY – Free Report) had its price target lifted by JPMorgan Chase & Co. from $159.00 to $161.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the bank’s stock.

Other research analysts have also recently issued reports about the stock. Weiss Ratings cut shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Zacks Research lowered Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. Truist Financial lowered their target price on Bank of New York Mellon from $178.00 to $172.00 and set a “buy” rating on the stock in a report on Friday, September 25th. Argus raised their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Finally, Bank of America boosted their price target on 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. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $159.14.

Check Out Our Latest Stock Report on Bank of New York Mellon

Bank of New York Mellon Trading Down 0.0%

Shares of Bank of New York Mellon stock opened at $145.34 on Friday. The company has a 50-day moving average of $157.61 and a two-hundred day moving average of $144.72. Bank of New York Mellon has a 12-month low of $103.11 and a 12-month high of $165.84. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market cap of $98.61 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.09 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY – Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.93 EPS. On average, research analysts anticipate that Bank of New York Mellon will post 9.28 EPS for the current fiscal year.

Insider Activity

In other news, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction on Monday, September 28th. The shares were sold at an average price of $148.79, for a total transaction of $523,740.80. Following the completion of the sale, the vice president directly owned 176,824 shares of the company’s stock, valued at $26,309,642.96. The trade was a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company’s 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 38,840 shares of company stock valued at $6,033,502 in the last 90 days. 0.17% of the stock is owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter worth about $8,321,111,000. Bank of America Corp DE acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Bank of New York Mellon in the second quarter valued at about $1,214,193,000. Wellington Management Group LLP purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $1,175,576,000. Finally, Amundi purchased a new stake in shares of Bank of New York Mellon during the 2nd quarter valued at about $985,533,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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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