Bank of New York Mellon (NYSE:BNY) Upgraded at Zacks Research

Zacks Research upgraded shares of Bank of New York Mellon (NYSE:BNY) from a hold rating to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

A number of other equities analysts also recently commented on BNY. Barclays raised their price objective on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Argus increased their price target on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research report on Friday, April 17th. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Finally, Erste Group Bank initiated coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Bank of New York Mellon has an average rating of “Moderate Buy” and an average price target of $156.47.

Bank of New York Mellon Stock Performance

BNY opened at $158.74 on Wednesday. The stock’s 50 day simple moving average is $146.41 and its 200-day simple moving average is $131.24. 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 $108.96 billion, a PE ratio of 18.48, a P/E/G ratio of 1.14 and a beta of 1.07. Bank of New York Mellon has a 1 year low of $98.40 and a 1 year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $1.93 earnings per share. Sell-side analysts forecast that Bank of New York Mellon will post 9.22 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently made changes to their positions in the company. CIBC Asset Management Inc increased its holdings in Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares in the last quarter. Todd Asset Management LLC boosted its stake in Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after purchasing an additional 101,142 shares in the last quarter. Prospera Financial Services Inc boosted its stake in Bank of New York Mellon by 106.5% in the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after purchasing an additional 9,865 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in shares of Bank of New York Mellon by 26.1% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 124,015 shares of the bank’s stock worth $14,397,000 after purchasing an additional 25,642 shares during the last quarter. Finally, Axxcess Wealth Management LLC grew its holdings in shares of Bank of New York Mellon by 282.6% during the fourth quarter. Axxcess Wealth Management LLC now owns 92,414 shares of the bank’s stock worth $10,728,000 after purchasing an additional 68,262 shares during the last quarter. 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.