JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BNY) Stock

Key Points

• JPMorgan raised its Bank of New York Mellon price target from $149 to $159 and maintained an “overweight” rating. Analysts overall give the stock a “Moderate Buy” consensus rating with an average target of $157.13.
• BNY reported quarterly earnings of $2.46 per share, beating estimates of $2.16, while revenue rose 13.3% year over year to $5.70 billion.
• The stock traded at $157.98, near its 52-week high of $163.77, and institutional investors own approximately 85.31% of the company.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its target price hoisted by equities researchers at JPMorgan Chase & Co. from $149.00 to $159.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the bank's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 0.65% from the stock's previous close.

Other analysts have also issued research reports about the stock. Keefe, Bruyette & Woods lifted their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Evercore set a $136.00 target price on shares of Bank of New York Mellon in a research note on Friday, April 17th. Zacks Research upgraded Bank of New York Mellon from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 22nd. Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Finally, Barclays raised their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus target price of $157.13.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded up $1.78 during midday trading on Tuesday, hitting $157.98. 1,189,157 shares of the company were exchanged, compared to its average volume of 3,821,555. The business has a fifty day simple moving average of $148.65 and a two-hundred day simple moving average of $132.80. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 0.72. The firm has a market capitalization of $108.43 billion, a PE ratio of 18.39, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. Bank of New York Mellon has a fifty-two week low of $99.67 and a fifty-two week 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 EPS for the quarter, topping the consensus estimate of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the firm posted $1.93 EPS. The business's quarterly revenue was up 13.3% compared to the same quarter last year. On average, sell-side analysts forecast that Bank of New York Mellon will post 9.24 earnings per share for the current year.

Insider Transactions at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted 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 worth $8,279,525,000 after buying an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Bank of New York Mellon by 18,044.4% in 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 during the period. Norges Bank acquired a new position in shares of Bank of New York Mellon in the 4th quarter worth approximately $1,398,624,000. Invesco Ltd. boosted its position in shares of Bank of New York Mellon by 8.2% during the 4th 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Bank of New York Mellon by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank's stock worth $771,080,000 after purchasing an additional 6,119,749 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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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