Bank of New York Mellon (NYSE:BNY) Price Target Raised to $175.00 at Bank of America

Bank of New York Mellon (NYSE:BNY) had its price target hoisted by Bank of America from $165.00 to $175.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a buy rating on the bank’s stock.

Several other equities analysts also recently weighed in on BNY. Barclays raised their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. increased their price target on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Truist Financial increased their price target 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. Wells Fargo & Company raised their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $154.79.

Bank of New York Mellon Trading Up 0.0%

Shares of BNY stock opened at $157.17 on Monday. The stock has a market cap of $107.88 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.13 and a beta of 1.07. The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon has a fifty-two week low of $98.01 and a fifty-two week high of $163.77. The business has a fifty day simple moving average of $144.45 and a 200-day simple moving average of $130.13.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.16 by $0.30. The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.93 EPS. On average, analysts forecast that Bank of New York Mellon will post 9.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new position in Bank of New York Mellon in the 4th quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $27,000. MCF Advisors LLC grew its holdings in shares of 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 buying an additional 101 shares in the last quarter. Marquette Asset Management LLC raised its position in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after buying an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the fourth quarter valued at approximately $31,000. Institutional investors and hedge funds 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.