Bank of New York Mellon (NYSE:BNY) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Bank of New York Mellon (NYSE:BNY) had its price target upped by JPMorgan Chase & Co. from $140.00 to $149.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 1.87% from the company’s current price.

Several other research analysts have also recently weighed in on BNY. Keefe, Bruyette & Woods boosted their price target on shares of Bank of New York Mellon from $143.00 to $150.00 and gave the stock an “outperform” rating in a report on Friday, April 17th. Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a research note on Friday, April 17th. Weiss Ratings raised shares of Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Finally, Citigroup boosted their target price on Bank of New York Mellon from $136.00 to $167.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.46.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $146.27 on Monday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The stock’s fifty day simple moving average is $139.71 and its two-hundred day simple moving average is $127.17. Bank of New York Mellon has a 1-year low of $91.96 and a 1-year high of $148.50. The stock has a market cap of $100.40 billion, a PE ratio of 18.13, a price-to-earnings-growth ratio of 1.06 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last posted its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The business’s revenue was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Bank of New York Mellon will post 8.85 EPS for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other news, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total transaction of $40,703.85. Following the transaction, the vice president owned 15,206 shares of the company’s stock, valued at $2,083,982.30. This represents a 1.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kurtis R. Kurimsky sold 5,290 shares of the stock in a transaction 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 transaction, the insider owned 17,259 shares of the company’s stock, valued at $2,347,569.18. The trade was 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 valued at $6,568,423 in the last three months. 0.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the business. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon in the fourth quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Bank of New York Mellon in the fourth quarter worth $27,000. MCF Advisors LLC boosted its holdings in shares of Bank of New York Mellon by 74.8% in the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after acquiring an additional 101 shares during the period. Marquette Asset Management LLC grew its position in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $31,000. 85.31% of the stock is owned by hedge funds and other 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.