Argus Issues Positive Forecast for Bank of New York Mellon (NYSE:BNY) Stock Price

Bank of New York Mellon (NYSE:BNY) had its price target raised by Argus from $153.00 to $180.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Argus currently has a buy rating on the bank’s stock.

Several other research firms have also issued reports on BNY. Keefe, Bruyette & Woods increased their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Evercore set a $136.00 price target on Bank of New York Mellon in a research note on Friday, April 17th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Bank of America increased their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday. Finally, JPMorgan Chase & Co. raised their target price on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the company an “overweight” rating in a report on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $156.47.

Bank of New York Mellon Trading Up 0.8%

Shares of BNY stock opened at $160.23 on Wednesday. The company has a current ratio of 0.72, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76. The stock has a market cap of $109.98 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 1.13 and a beta of 1.07. The stock has a 50 day simple moving average of $145.45 and a 200 day simple moving average of $130.74. Bank of New York Mellon has a 1 year low of $98.37 and a 1 year high of $163.77.

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, topping analysts’ consensus estimates of $2.16 by $0.30. The firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned $1.93 EPS. On average, research analysts predict that Bank of New York Mellon will post 9.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors have recently modified their holdings of BNY. Revolve Wealth Partners LLC acquired a new stake in Bank of New York Mellon in the fourth quarter valued at about $220,000. Sivia Capital Partners LLC grew its position in Bank of New York Mellon by 36.6% in the second quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank’s stock valued at $309,000 after acquiring an additional 909 shares during the last quarter. Jump Financial LLC bought a new position in Bank of New York Mellon in the second quarter valued at about $2,482,000. Treasurer of the State of North Carolina raised its stake in Bank of New York Mellon by 1.7% during the second quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank’s stock worth $30,466,000 after acquiring an additional 5,445 shares in the last quarter. Finally, Osterweis Capital Management Inc. raised its stake in Bank of New York Mellon by 11,890.0% during the second quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank’s stock worth $109,000 after acquiring an additional 1,189 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.