Bank of New York Mellon (NYSE:BNY – Get Free Report) had its target price raised by equities researchers at JPMorgan Chase & Co. from $161.00 to $166.50 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 13.25% from the company’s previous close.
Several other research firms have also weighed in on BNY. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research note on Thursday, July 16th. New Street Research set a $182.00 price objective on shares of Bank of New York Mellon in a research note on Friday, October 16th. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a “buy” rating for the company. TD Cowen started coverage on shares of Bank of New York Mellon in a report on Thursday, October 8th. They issued a “hold” rating and a $160.00 target price on the stock. Finally, Argus lifted their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and an average price target of $165.04.
View Our Latest Analysis on Bank of New York Mellon
Bank of New York Mellon Stock Down 1.6%
BNY traded down $2.35 on Friday, hitting $147.02. 2,850,840 shares of the company were exchanged, compared to its average volume of 3,694,449. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86. Bank of New York Mellon has a twelve month low of $105.42 and a twelve month high of $165.84. The company has a market cap of $99.75 billion, a price-to-earnings ratio of 16.25, a price-to-earnings-growth ratio of 0.99 and a beta of 1.06. The firm has a 50-day moving average price of $151.78 and a two-hundred day moving average price of $139.14.
Bank of New York Mellon (NYSE:BNY – Get Free Report) last released its quarterly earnings data on Thursday, October 15th. The bank reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.11. The firm had revenue of $5.68 billion during the quarter. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities analysts predict that Bank of New York Mellon will post 9.39 earnings per share for the current year.
Insider Buying and Selling at Bank of New York Mellon
In other news, CEO Robin A. Vince sold 9,380 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $147.82, for a total transaction of $1,386,551.60. Following the transaction, the chief executive officer directly owned 575,794 shares of the company’s stock, valued at approximately $85,113,869.08. The trade was a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total transaction of $520,291.20. Following the transaction, the vice president directly owned 173,304 shares of the company’s stock, valued at $25,616,064.24. This represents a 1.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 60,560 shares of company stock valued at $9,007,119. Insiders own 0.17% of the company’s stock.
Hedge Funds Weigh In On Bank of New York Mellon
Several institutional investors have recently bought and sold shares of BNY. AIA Group Ltd raised its position in Bank of New York Mellon by 11.5% in the 3rd quarter. AIA Group Ltd now owns 49,500 shares of the bank’s stock worth $7,159,000 after purchasing an additional 5,100 shares during the period. Provenance Wealth Advisors LLC lifted its stake in shares of Bank of New York Mellon by 14,387.5% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 1,159 shares of the bank’s stock worth $168,000 after purchasing an additional 1,151 shares during the last quarter. Integrity Alliance LLC. acquired a new stake in Bank of New York Mellon in the third quarter valued at approximately $250,000. First Nebraska Trust Co acquired a new position in shares of Bank of New York Mellon during the third quarter valued at about $727,000. Finally, Aware Super Pty Ltd as trustee of Aware Super purchased a new position in Bank of New York Mellon in the 3rd quarter worth $3,688,000. Institutional investors own 85.31% of the company’s stock.
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.
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