Bank of New York Mellon (NYSE:BNY) Price Target Raised to $149.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. raised its price target on Bank of New York Mellon to $149 from $140 and kept an overweight rating, implying modest upside from the previous close.
• Other analysts have also turned more positive on BNY, with recent target hikes from Citigroup, Wells Fargo, RBC, and Barclays. The stock now carries a consensus rating of Moderate Buy with an average target price of $143.46.
• BNY reported a strong recent quarter, posting earnings of $2.25 per share versus estimates of $1.94 and revenue of $5.41 billion, up 12.9% year over year. The company also has substantial institutional ownership, with 85.31% of shares held by institutional investors.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price target raised by analysts at JPMorgan Chase & Co. from $140.00 to $149.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 1.87% from the company's previous close.

A number of other analysts also recently weighed in on the company. Citigroup increased their price target on Bank of New York Mellon from $136.00 to $167.00 and gave the stock a "neutral" rating in a report on Tuesday, June 23rd. Wells Fargo & Company boosted their price objective on Bank of New York Mellon from $137.00 to $152.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 24th. Royal Bank Of Canada upped their target price on Bank of New York Mellon from $130.00 to $142.00 and gave the company a "sector perform" rating in a research report on Friday, April 17th. Barclays raised their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Finally, Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $143.46.

Bank of New York Mellon Price Performance

Shares of BNY opened at $146.27 on Monday. The business has a 50-day moving average of $139.71 and a 200-day moving average of $127.17. Bank of New York Mellon has a 1 year low of $91.96 and a 1 year high of $148.50. The company has a market capitalization of $100.40 billion, a price-to-earnings ratio of 18.13, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.31. Bank of New York Mellon had a net margin of 14.60% and a return on equity of 15.29%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $1.58 EPS. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of New York Mellon will post 8.85 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, insider Kurtis R. Kurimsky sold 5,290 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the sale, the insider owned 17,259 shares of the company's stock, valued at approximately $2,347,569.18. This trade represents a 23.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Alejandro Perez sold 12,504 shares of the business's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.01, for a total value of $1,713,173.04. Following the sale, the executive vice president owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. This represents a 16.65% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 48,091 shares of company stock valued at $6,568,423. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. increased its position in shares of Bank of New York Mellon by 9.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank's stock worth $1,489,000 after acquiring an additional 1,031 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Bank of New York Mellon by 7.3% in the 1st quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank's stock valued at $17,571,000 after acquiring an additional 10,107 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in Bank of New York Mellon by 17.9% in the 4th quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank's stock valued at $16,473,000 after acquiring an additional 21,506 shares in the last quarter. World Investment Advisors boosted its stake in Bank of New York Mellon by 14.4% during the 4th 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 during the 4th quarter valued at about $207,000. 85.31% of the stock is currently owned by institutional investors.

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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