Bank of New York Mellon (NYSE:BNY) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Bank of New York Mellon to “hold,” adding to a mixed but generally positive analyst backdrop. The stock now has a consensus rating of Moderate Buy with a consensus target price of $138.08.
• BNY reported stronger-than-expected quarterly results, with EPS of $2.25 versus estimates of $1.94 and revenue of $5.41 billion versus expectations of $5.14 billion. Revenue rose 12.9% year over year.
• Shares were trading near their 52-week high, opening at $137.67 after rising 0.4%. The stock’s 52-week range is $87.41 to $139.15, while recent insider sales and heavy institutional ownership were also noted.

Bank of New York Mellon (NYSE:BNY - Get Free Report) was upgraded by research analysts at Wall Street Zen to a "hold" rating in a report issued on Saturday.

Other research analysts also recently issued research reports about the company. Truist Financial increased their price target on Bank of New York Mellon from $140.00 to $148.00 and gave the company a "buy" rating in a report on Friday, April 17th. Morgan Stanley upped their target price on 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 initiated coverage on Bank of New York Mellon in a research note on Monday, February 23rd. They set a "neutral" rating for the company. JPMorgan Chase & Co. raised their price target on shares of Bank of New York Mellon from $130.50 to $140.00 and gave the stock an "overweight" rating in a research report on Monday, May 11th. Finally, Barclays lifted their price target on shares of 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. One equities 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. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

Bank of New York Mellon Trading Up 0.4%

Shares of BNY opened at $137.67 on Friday. The stock's 50-day moving average is $127.66 and its two-hundred day moving average is $120.37. The stock has a market cap of $94.75 billion, a PE ratio of 17.06, a P/E/G ratio of 1.00 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $87.41 and a 12 month high of $139.15. 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 issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.31. The company had revenue of $5.41 billion for the quarter, compared to analysts' expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The firm's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.58 earnings per share. Equities analysts forecast that Bank of New York Mellon will post 8.78 earnings per share for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, EVP Alejandro Perez sold 12,504 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the sale, the executive vice president owned 62,613 shares in the company, valued at $8,578,607.13. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP J Kevin Mccarthy sold 30,000 shares of the company's stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $136.50, for a total value of $4,095,000.00. Following the sale, the executive vice president owned 50,238 shares in the company, valued at $6,857,487. The trade was a 37.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 48,091 shares of company stock worth $6,568,423. 0.17% of the stock is owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Bank of New York Mellon by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank's stock valued at $8,279,525,000 after buying an additional 647,847 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Bank of New York Mellon by 18,044.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank's stock valued at $2,283,514,000 after acquiring an additional 19,561,793 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank's stock valued at $1,454,116,000 after acquiring an additional 2,034,781 shares in the last quarter. Norges Bank acquired a new stake in Bank of New York Mellon in the fourth quarter worth about $1,398,624,000. Finally, Invesco Ltd. lifted its holdings in Bank of New York Mellon by 8.2% in the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank's stock worth $891,621,000 after purchasing an additional 578,999 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.