Bank of New York Mellon (NYSE:BNY) Price Target Raised to $166.50

Key Points

• JPMorgan raised BNY’s price target from $161.00 to $166.50 while maintaining an “overweight” rating, implying 13.25% upside from the prior close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $165.04; targets from other firms range from $157 to $182.
• BNY reported quarterly EPS of $2.37, beating estimates of $2.26, while revenue rose 11.7% year over year to $5.68 billion. The stock recently traded at $147.02, and insiders sold approximately $9 million of shares during the quarter.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price target raised by JPMorgan Chase & Co. from $161.00 to $166.50 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 13.25% from the company's previous close.

Other equities research analysts have also recently issued research reports about the stock. New Street Research set a $182.00 target price on shares of Bank of New York Mellon in a research note on Friday, October 16th. Citigroup decreased their target price on shares of Bank of New York Mellon from $160.00 to $157.00 and set a "neutral" rating for the company in a research report on Monday, October 19th. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a "buy" rating on the stock. Argus lifted their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. Finally, Zacks Research downgraded Bank of New York Mellon from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 7th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $165.04.

Bank of New York Mellon Stock Performance

Shares of Bank of New York Mellon stock traded down $2.35 during mid-day trading on Friday, hitting $147.02. 2,850,840 shares of the stock were exchanged, compared to its average volume of 3,694,449. The company has a 50-day simple moving average of $151.78 and a 200 day simple moving average of $139.14. The company has a market capitalization of $99.75 billion, a P/E ratio of 16.25, a P/E/G ratio of 0.99 and a beta of 1.06. Bank of New York Mellon has a 12 month low of $105.42 and a 12 month high of $165.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 EPS for the quarter, beating analysts' consensus estimates of $2.26 by $0.11. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The firm had revenue of $5.68 billion during the quarter. The business's quarterly revenue was up 11.7% on a year-over-year basis. Sell-side analysts anticipate that Bank of New York Mellon will post 9.39 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

In related news, CEO Robin A. Vince sold 40,620 shares of the business's stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $147.81, for a total transaction of $6,004,042.20. Following the transaction, the chief executive officer directly owned 585,174 shares in the company, valued at $86,494,568.94. The trade was a 6.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of the firm's stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total value of $520,291.20. Following the completion of the sale, the vice president owned 173,304 shares of the company's stock, valued at approximately $25,616,064.24. This trade represents a 1.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 60,560 shares of company stock valued at $9,007,119 over the last quarter. Insiders own 0.17% of the company's stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BNY. AIA Group Ltd raised its position in shares of 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 acquiring an additional 5,100 shares in the last quarter. Provenance Wealth Advisors LLC boosted its position in shares of Bank of New York Mellon by 14,387.5% in the third 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 period. Integrity Alliance LLC. purchased a new position in Bank of New York Mellon in the 3rd quarter worth approximately $250,000. First Nebraska Trust Co bought a new stake in shares of Bank of New York Mellon in the third quarter worth about $727,000. Finally, Aware Super Pty Ltd as trustee of Aware Super bought a new stake in Bank of New York Mellon in the third quarter worth $3,688,000. 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.

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