Argus Raises Bank of New York Mellon (NYSE:BNY) Price Target to $180.00

Bank of New York Mellon (NYSE:BNY) had its target price lifted by research analysts at Argus from $153.00 to $180.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Argus’ target price indicates a potential upside of 13.51% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research note on Saturday, May 23rd. Wells Fargo & Company raised their target price on Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Morgan Stanley increased their price objective on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research note on Friday, April 17th. Finally, Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $156.47.

Bank of New York Mellon Trading Up 1.1%

Shares of BNY stock opened at $158.58 on Wednesday. The firm has a fifty day moving average of $144.95 and a 200-day moving average of $130.43. The stock has a market cap of $108.85 billion, a price-to-earnings ratio of 18.46, a P/E/G ratio of 1.12 and a beta of 1.07. Bank of New York Mellon has a 52-week low of $98.03 and a 52-week high of $163.77. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The business 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%. The firm’s revenue was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.93 EPS. On average, equities research analysts forecast that Bank of New York Mellon will post 9.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc raised its position in Bank of New York Mellon by 53.8% in the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock worth $21,129,000 after purchasing an additional 63,627 shares during the last quarter. Todd Asset Management LLC boosted its position in Bank of New York Mellon by 37.5% in the 4th quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock valued at $43,069,000 after buying an additional 101,142 shares during the last quarter. Cullen Investment Group LTD. increased its stake in shares of Bank of New York Mellon by 1,691.4% in the 4th quarter. Cullen Investment Group LTD. now owns 38,730 shares of the bank’s stock valued at $4,610,000 after buying an additional 36,568 shares during the period. Prospera Financial Services Inc raised its position in shares of Bank of New York Mellon by 106.5% during the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after acquiring an additional 9,865 shares during the last quarter. Finally, Axxcess Wealth Management LLC raised its position in shares of Bank of New York Mellon by 282.6% during the fourth quarter. Axxcess Wealth Management LLC now owns 92,414 shares of the bank’s stock worth $10,728,000 after acquiring an additional 68,262 shares during the last quarter. 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.