Bank of America Raises Bank of New York Mellon (NYSE:BNY) Price Target to $175.00

Bank of New York Mellon (NYSE:BNY) had its target price lifted by equities researchers at Bank of America from $165.00 to $175.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Bank of America‘s price target would suggest a potential upside of 11.56% from the stock’s current price.

Other analysts also recently issued research reports about the company. Royal Bank Of Canada raised their price objective on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday. Morgan Stanley boosted their target price on Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Wells Fargo & Company raised their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday. Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. Finally, Truist Financial raised their target price on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $154.43.

Bank of New York Mellon Trading Down 0.2%

NYSE BNY traded down $0.27 during trading on Monday, reaching $156.86. 1,446,077 shares of the stock traded hands, compared to its average volume of 3,874,875. Bank of New York Mellon has a fifty-two week low of $98.01 and a fifty-two week high of $163.77. The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market cap of $107.67 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.07. The stock’s 50-day moving average price is $143.95 and its 200 day moving average price is $129.85.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the business posted $1.93 earnings per share. Analysts predict that Bank of New York Mellon will post 9.14 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently bought and sold shares of the company. Abound Financial LLC bought a new position in Bank of New York Mellon in the fourth quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Bank of New York Mellon during the 4th quarter worth about $27,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares during the last quarter. Marquette Asset Management LLC grew its holdings in shares of Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon in the fourth quarter valued at about $31,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.