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

Key Points

• Argus raised its price target on Bank of New York Mellon from $153 to $180 and kept a buy rating, implying about 13.5% upside from the current share price.
• BNY’s latest quarterly results beat expectations, with EPS of $2.46 versus $2.16 expected and revenue of $5.70 billion versus $5.35 billion expected, while revenue rose 13.3% year over year.
• Despite mixed analyst views, the stock has a Moderate Buy consensus rating overall, with a consensus price target of $156.47 and institutional investors owning 85.31% of shares.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price objective boosted by equities research analysts at Argus from $153.00 to $180.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the bank's stock. Argus' price target suggests a potential upside of 13.51% from the company's current price.

Other equities research analysts have also issued research reports about the company. Morgan Stanley upped their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an "equal weight" rating in a report on Friday, April 17th. Weiss Ratings raised Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a report on Monday, May 4th. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Evercore set a $136.00 price target on Bank of New York Mellon in a research report on Friday, April 17th. Finally, Citigroup lifted their price target on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a "neutral" rating in a research note on Monday. One 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $156.47.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $158.58 on Wednesday. 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 52-week low of $98.03 and a 52-week high of $163.77. The company has a 50-day simple moving average of $144.95 and a 200-day simple moving average of $130.43. The company has a market capitalization of $108.85 billion, a PE ratio of 18.46, a P/E/G ratio of 1.12 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the firm earned $1.93 earnings per share. The firm's revenue was up 13.3% on a year-over-year basis. Equities research analysts predict that Bank of New York Mellon will post 9.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently bought and sold shares of the stock. Linscomb Wealth Inc. grew its position in Bank of New York Mellon by 2.5% during the fourth quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank's stock worth $376,000 after buying an additional 80 shares in the last quarter. Mather Group LLC. raised its holdings in Bank of New York Mellon by 0.9% in the 4th quarter. Mather Group LLC. now owns 9,232 shares of the bank's stock valued at $1,072,000 after acquiring an additional 86 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Bank of New York Mellon by 3.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank's stock valued at $326,000 after acquiring an additional 88 shares in the last quarter. Essex Financial Services Inc. lifted its position in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank's stock worth $2,041,000 after acquiring an additional 89 shares during the period. Finally, Maia Wealth LLC lifted its position in shares of Bank of New York Mellon by 3.0% in the 4th quarter. Maia Wealth LLC now owns 3,049 shares of the bank's stock worth $350,000 after acquiring an additional 90 shares during the period. Hedge funds and other institutional investors 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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