Bank of New York Mellon (NYSE:BNY) Stock Rated Hold in New Coverage at TD Cowen

TD Cowen began coverage on shares of Bank of New York Mellon (NYSE:BNY) in a research note issued to investors on Thursday, MarketBeat reports. The firm set a “hold” rating and a $160.00 price target on the bank’s stock. TD Cowen’s target price indicates a potential upside of 12.30% from the stock’s current price.

BNY has been the topic of several other research reports. Keefe, Bruyette & Woods lifted 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 report on Thursday, July 16th. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research report on Thursday, August 13th. Citigroup decreased their price target on shares of Bank of New York Mellon from $172.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday. Royal Bank Of Canada lifted their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Bank of New York Mellon from $159.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $162.38.

Bank of New York Mellon Price Performance

Shares of NYSE BNY traded down $0.25 during mid-day trading on Thursday, reaching $142.47. 157,802 shares of the company traded hands, compared to its average volume of 3,668,709. Bank of New York Mellon has a fifty-two week low of $103.11 and a fifty-two week high of $165.84. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $96.67 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.12 and a beta of 1.06. The stock has a fifty day simple moving average of $156.87 and a 200-day simple moving average of $145.31.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter last year, the business earned $1.93 earnings per share. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities research analysts anticipate that Bank of New York Mellon will post 9.28 EPS for the current fiscal year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $148.79, for a total transaction of $523,740.80. Following the transaction, the vice president owned 176,824 shares in the company, valued at approximately $26,309,642.96. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 38,840 shares of company stock worth $6,033,502. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

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