Zacks Research Upgrades Bank of New York Mellon (NYSE:BNY) to Strong-Buy

Bank of New York Mellon (NYSE:BNY) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

BNY has been the topic of a number of other reports. Royal Bank Of Canada upped their target price on Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Morgan Stanley boosted 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 report on Friday, April 17th. Wells Fargo & Company upped their price objective on shares of 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. Finally, JPMorgan Chase & Co. raised their target price on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $156.47.

Bank of New York Mellon Stock Down 0.3%

Shares of NYSE:BNY opened at $159.88 on Wednesday. The firm has a fifty day moving average price of $145.93 and a two-hundred day moving average price of $131.04. The company has a market cap of $109.74 billion, a price-to-earnings ratio of 18.61, a PEG 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. 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) last released its quarterly earnings results 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. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter in the prior year, the firm posted $1.93 earnings per share. The business’s quarterly revenue was up 13.3% on a year-over-year basis. Analysts anticipate that Bank of New York Mellon will post 9.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently modified their holdings of the company. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Bank of New York Mellon by 9.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank’s stock valued at $1,489,000 after buying an additional 1,031 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Bank of New York Mellon by 7.3% during the first quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank’s stock valued at $17,571,000 after acquiring an additional 10,107 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in Bank of New York Mellon by 17.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank’s stock valued at $16,473,000 after acquiring an additional 21,506 shares during the last quarter. World Investment Advisors raised its stake in shares of Bank of New York Mellon by 14.4% during the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank’s stock worth $8,391,000 after acquiring an additional 9,105 shares in the last quarter. Finally, Advisortrust Partners LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter worth approximately $207,000. 85.31% of the stock is currently owned by 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.