Bank of New York Mellon (NYSE:BNY) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Bank of New York Mellon from hold to strong-buy, adding to a generally positive analyst outlook on the stock.
• BNY’s recent quarterly results beat expectations, with EPS of $2.46 versus $2.16 expected and revenue of $5.70 billion versus $5.35 billion estimated. Revenue also rose 13.3% year over year.
• The stock was trading near its highs at $159.88 on Wednesday, and MarketBeat data shows a Moderate Buy consensus with an average target price of $156.47.

Bank of New York Mellon (NYSE:BNY - Get Free Report) was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also issued reports on BNY. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research note on Saturday, May 23rd. 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. Erste Group Bank began coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They set a "buy" rating on the stock. Royal Bank Of Canada boosted their price target on Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Bank of New York Mellon from a "buy (a-)" rating to a "buy (a)" rating in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of "Moderate Buy" and an average target price of $156.47.

Bank of New York Mellon Stock Performance

Shares of BNY stock opened at $159.88 on Wednesday. The stock has a market cap of $109.74 billion, a P/E ratio of 18.61, a P/E/G ratio of 1.14 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. The company has a fifty day moving average price of $145.93 and a two-hundred day moving average price of $131.04. Bank of New York Mellon has a one year low of $98.40 and a one year high of $163.77.

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 earnings per share for the quarter, topping the consensus estimate of $2.16 by $0.30. The company 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%. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.93 EPS. As a group, equities analysts predict that Bank of New York Mellon will post 9.22 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BNY. Abound Financial LLC bought a new stake in Bank of New York Mellon during the fourth quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Bank of New York Mellon in the fourth quarter valued at $27,000. MCF Advisors LLC raised its stake in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock valued at $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC lifted its holdings in Bank of New York Mellon by 174.7% during the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank's stock worth $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors purchased a new stake in Bank of New York Mellon during the 4th quarter worth about $31,000. 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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