Bank of America Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BNY) Stock

Key Points

• Bank of America raised its price target on Bank of New York Mellon to $175 from $165 and kept a buy rating, implying about 11.56% upside from the prior close.
• Other analysts remain broadly positive: Barclays, Erste Group, and JPMorgan all have buy/overweight calls, while the stock’s overall consensus rating is Moderate Buy with an average target price of $154.43.
• BNY reported better-than-expected quarterly results, with EPS of $2.46 versus $2.16 expected and revenue of $5.70 billion versus $5.35 billion expected, showing strong year-over-year growth.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its target price raised by research analysts at Bank of America from $165.00 to $175.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the bank's stock. Bank of America's price target points to a potential upside of 11.56% from the stock's previous close.

A number of other research analysts have also recently issued reports on the company. Barclays lifted their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a report on Thursday. Morgan Stanley raised their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an "equal weight" rating in a research report on Friday, April 17th. Citigroup upped their target price on shares of Bank of New York Mellon from $136.00 to $167.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 23rd. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They set a "buy" rating on the stock. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the stock an "overweight" rating in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has an average rating of "Moderate Buy" and a consensus target price of $154.43.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY traded down $0.27 during trading on Monday, reaching $156.86. The stock had a trading volume of 1,446,077 shares, compared to its average volume of 3,874,875. The stock has a market capitalization of $107.67 billion, a PE ratio of 18.26, a P/E/G ratio of 1.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.75. Bank of New York Mellon has a 52 week low of $98.01 and a 52 week high of $163.77. The business's 50-day moving average price is $143.95 and its 200 day moving average price is $129.85.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.30. The firm had revenue of $5.70 billion during the quarter, compared to the consensus estimate 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 business's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.93 EPS. As a group, equities analysts predict that Bank of New York Mellon will post 9.14 earnings per share for the current year.

Institutional Trading of Bank of New York Mellon

Institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Bank of New York Mellon by 9.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank's stock valued at $1,489,000 after purchasing an additional 1,031 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Bank of New York Mellon by 7.3% during the first quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank's stock worth $17,571,000 after purchasing an additional 10,107 shares during the period. Rockefeller Capital Management L.P. increased its holdings in Bank of New York Mellon by 17.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank's stock valued at $16,473,000 after purchasing an additional 21,506 shares during the last quarter. World Investment Advisors increased its holdings in Bank of New York Mellon by 14.4% in the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank's stock valued at $8,391,000 after purchasing an additional 9,105 shares during the last quarter. Finally, Advisortrust Partners LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at about $207,000. Institutional investors 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.

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