Bank of New York Mellon (NYSE:BNY) Stock Gets Price Target Bump from JPMorgan Chase & Co.

Key Points

• JPMorgan raised BNY’s price target from $159 to $161 and maintained an “overweight” rating, implying approximately 11.23% upside from the reported $144.74 share price.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $156.87; several firms recently increased their targets.
• BNY exceeded quarterly expectations, reporting $2.46 in EPS versus $2.16 estimated and $5.70 billion in revenue versus $5.35 billion expected, while revenue rose 13.3% year over year.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price objective upped by analysts at JPMorgan Chase & Co. from $159.00 to $161.00 in a report released on Friday, Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 11.23% from the stock's current price.

Several other research analysts have also issued reports on the company. Royal Bank Of Canada upped their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Argus upped their price objective on shares of 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. Bank of America increased their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Weiss Ratings cut shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $156.87.

Bank of New York Mellon Stock Up 0.6%

Shares of Bank of New York Mellon stock traded up $0.82 on Friday, reaching $144.74. The stock had a trading volume of 823,296 shares, compared to its average volume of 3,690,605. Bank of New York Mellon has a 1 year low of $103.11 and a 1 year high of $165.84. The company has a 50 day moving average price of $157.87 and a 200 day moving average price of $144.50. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $98.21 billion, a P/E ratio of 16.85, a P/E/G ratio of 1.09 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (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% on a year-over-year basis. During the same period in the previous year, the company earned $1.93 earnings per share. As a group, equities research analysts forecast that Bank of New York Mellon will post 9.26 EPS for the current year.

Insider Transactions at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $148.79, for a total transaction of $523,740.80. Following the completion of the transaction, the vice president owned 176,824 shares in the company, valued at approximately $26,309,642.96. This trade represents a 1.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 38,840 shares of company stock valued at $6,033,502 in the last ninety days. Corporate insiders own 0.17% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Financial Management LLC raised its position in shares of Bank of New York Mellon by 11.4% during the second quarter. Cornerstone Financial Management LLC now owns 784 shares of the bank's stock worth $113,000 after purchasing an additional 80 shares during the period. Nemes Rush Group LLC grew its position in shares of Bank of New York Mellon by 12.8% in the 4th quarter. Nemes Rush Group LLC now owns 813 shares of the bank's stock valued at $94,000 after purchasing an additional 92 shares during the period. MCF Advisors LLC increased its stake in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after purchasing an additional 101 shares in the last quarter. Endeavor Private Wealth Inc. increased its stake in Bank of New York Mellon by 0.7% during the 4th quarter. Endeavor Private Wealth Inc. now owns 15,469 shares of the bank's stock worth $1,796,000 after purchasing an additional 113 shares in the last quarter. Finally, Nicolet Advisory Services LLC raised its holdings in Bank of New York Mellon by 3.3% during the 4th quarter. Nicolet Advisory Services LLC now owns 3,986 shares of the bank's stock worth $481,000 after buying an additional 129 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.

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