JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BNY (NYSE:BK) Stock

BNY (NYSE:BK) had its target price increased by stock analysts at JPMorgan Chase & Co. from $128.50 to $130.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 5.06% from the stock’s current price.

BK has been the subject of several other reports. Citigroup began coverage on shares of BNY in a research note on Monday, February 23rd. They issued a “neutral” rating for the company. New Street Research set a $143.00 target price on shares of BNY in a research note on Wednesday, January 14th. Royal Bank Of Canada raised their target price on shares of BNY from $124.00 to $130.00 and gave the company a “sector perform” rating in a research note on Wednesday, January 14th. Morgan Stanley lowered their target price on shares of BNY from $147.00 to $135.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. Finally, Barclays raised their target price on shares of BNY from $120.00 to $143.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, BNY currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

BNY Stock Up 0.5%

BK stock traded up $0.59 during trading on Tuesday, hitting $124.22. 812,451 shares of the company’s stock traded hands, compared to its average volume of 3,731,351. The firm has a market capitalization of $85.49 billion, a P/E ratio of 16.76, a PEG ratio of 1.14 and a beta of 1.06. The business has a fifty day simple moving average of $118.61 and a two-hundred day simple moving average of $114.64. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.81. BNY has a 1 year low of $72.11 and a 1 year high of $128.76.

BNY (NYSE:BK) last issued its quarterly earnings data on Tuesday, January 13th. The bank reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.11. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.11 billion. BNY had a net margin of 13.62% and a return on equity of 14.37%. BNY’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company posted $1.72 earnings per share. Sell-side analysts anticipate that BNY will post 6.96 EPS for the current year.

Institutional Investors Weigh In On BNY

Several institutional investors and hedge funds have recently made changes to their positions in BK. Northwestern Mutual Wealth Management Co. lifted its stake in shares of BNY by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after buying an additional 19,561,793 shares during the period. Norges Bank acquired a new stake in shares of BNY during the fourth quarter worth $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of BNY by 639.5% during 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 worth $771,080,000 after buying an additional 6,119,749 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of BNY by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after buying an additional 2,034,781 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in shares of BNY during the fourth quarter worth $227,437,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

About BNY

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.