Bank of New York Mellon (NYSE:BNY) Price Target Raised to $159.00

Bank of New York Mellon (NYSE:BNY) had its price objective increased by JPMorgan Chase & Co. from $149.00 to $159.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the bank’s stock.

Other equities analysts have also recently issued reports about the company. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Zacks Research raised shares of Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Truist Financial boosted their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Weiss Ratings reiterated a “buy (a)” rating on shares of Bank of New York Mellon in a research note on Friday, July 31st. Finally, Bank of America raised their target price 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 research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Stock Down 0.1%

Shares of NYSE BNY opened at $158.66 on Tuesday. Bank of New York Mellon has a 12-month low of $99.67 and a 12-month high of $163.77. The company has a market capitalization of $107.65 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. The firm’s 50-day moving average is $149.71 and its two-hundred day moving average is $133.54. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.35 billion. During the same period last year, the company earned $1.93 EPS. The firm’s quarterly revenue was up 13.3% on a year-over-year basis. Equities analysts anticipate that Bank of New York Mellon will post 9.25 EPS for the current fiscal year.

Insider Activity at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.17% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently bought and sold shares of the company. Abound Financial LLC acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $25,000. N.E.W. Advisory Services LLC acquired a new position in Bank of New York Mellon in the 2nd quarter worth approximately $32,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Bank of New York Mellon during the 4th quarter worth approximately $27,000. MCF Advisors LLC raised its stake in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the period. Finally, Heritage Wealth Advisors acquired a new stake in Bank of New York Mellon during the 4th quarter valued at $31,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

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.