BNY (NYSE:BK) Price Target Raised to $140.00

Key Points

• JPMorgan Chase & Co. raised its price target on BNY from $130.50 to $140.00 and kept an overweight rating, implying about 5.95% upside from the prior close.
• Other analysts also turned more positive recently, with price targets lifted by RBC, Keefe Bruyette & Woods, Barclays, and Evercore. The stock now has a Moderate Buy consensus and an average target of $138.08.
• BNY reported strong quarterly results, including EPS of $2.25 versus a $1.94 estimate and revenue of $5.41 billion, while the stock traded near its 52-week high around $132.14 on Monday.

BNY (NYSE:BK - Get Free Report) had its price target boosted by equities research analysts at JPMorgan Chase & Co. from $130.50 to $140.00 in a report released on Monday,Benzinga reports. The firm presently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 5.95% from the stock's previous close.

Several other equities analysts also recently weighed in on BK. Royal Bank Of Canada increased their target price on BNY from $130.00 to $142.00 and gave the stock a "sector perform" rating in a research report on Friday, April 17th. Keefe, Bruyette & Woods increased their target price on BNY from $143.00 to $150.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Barclays upped their price target on BNY from $143.00 to $149.00 and gave the stock an "overweight" rating in a research note on Friday, April 17th. Citigroup initiated coverage on BNY in a research note on Monday, February 23rd. They set a "neutral" rating for the company. Finally, Evercore set a $136.00 price target on BNY in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.08.

BNY Price Performance

BK traded up $1.64 during trading on Monday, reaching $132.14. 1,932,339 shares of the stock were exchanged, compared to its average volume of 3,792,721. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75. BNY has a 1 year low of $86.52 and a 1 year high of $139.15. The business's 50 day moving average price is $123.84 and its two-hundred day moving average price is $118.32. The company has a market capitalization of $90.94 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 0.96 and a beta of 1.08.

BNY (NYSE:BK - Get Free Report) last issued its quarterly earnings data on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.31. BNY had a return on equity of 15.29% and a net margin of 14.60%.The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business earned $1.58 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. As a group, equities research analysts anticipate that BNY will post 8.76 earnings per share for the current year.

Insider Transactions at BNY

In related news, EVP Alejandro Perez sold 12,504 shares of the company's stock in a transaction 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 transaction, the executive vice president directly owned 62,613 shares of the company's stock, valued at approximately $8,578,607.13. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the business's stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares in the company, valued at $2,347,569.18. This trade represents a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock worth $6,568,423 over the last 90 days. 0.17% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BNY

Large investors have recently made changes to their positions in the business. Revolve Wealth Partners LLC acquired a new position in BNY in the 4th quarter valued at approximately $220,000. Sivia Capital Partners LLC grew its position in BNY by 36.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,394 shares of the bank's stock worth $309,000 after acquiring an additional 909 shares during the last quarter. Jump Financial LLC bought a new stake in BNY during the 2nd quarter worth approximately $2,482,000. Treasurer of the State of North Carolina boosted its position in BNY by 1.7% in the 2nd quarter. Treasurer of the State of North Carolina now owns 334,388 shares of the bank's stock valued at $30,466,000 after buying an additional 5,445 shares during the last quarter. Finally, Osterweis Capital Management Inc. boosted its position in shares of BNY by 11,890.0% in the 2nd quarter. Osterweis Capital Management Inc. now owns 1,199 shares of the bank's stock worth $109,000 after purchasing an additional 1,189 shares during the last quarter. Institutional investors and hedge funds own 85.31% of the company's stock.

BNY 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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