Bank of New York Mellon (NYSE:BNY) Raised to “Strong-Buy” at Zacks Research

Bank of New York Mellon (NYSE:BNY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on BNY. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating on the stock. Truist Financial raised their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Finally, Barclays upped their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.47.

Bank of New York Mellon Stock Down 0.3%

BNY stock opened at $159.88 on Wednesday. The company has a market cap of $109.74 billion, a P/E ratio of 18.61, a P/E/G ratio of 1.14 and a beta of 1.07. Bank of New York Mellon has a 52 week low of $98.40 and a 52 week high of $163.77. The company’s 50-day moving average price is $145.93 and its 200 day moving average price is $131.04. The company has a current ratio of 0.72, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (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 company had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the company posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, research analysts expect that Bank of New York Mellon will post 9.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bank of New York Mellon

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

Bank of New York Mellon Company Profile

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.