Bank of New York Mellon (NYSE:BNY) Research Coverage Started at TD Cowen

TD Cowen initiated coverage on shares of Bank of New York Mellon (NYSE:BNY) in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $160.00 price target on the bank’s stock.

Several other brokerages have also issued reports on BNY. Barclays lifted their price target on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Zacks Research lowered Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 7th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $159.00 to $161.00 and gave the company an “overweight” rating in a research note on Friday, October 2nd. Citigroup decreased their target price on Bank of New York Mellon from $172.00 to $160.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Finally, Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Bank of New York Mellon currently has a consensus rating of “Moderate Buy” and an average target price of $162.38.

Bank of New York Mellon Stock Performance

NYSE BNY opened at $142.61 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $96.76 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 1.11 and a beta of 1.06. The firm’s 50 day simple moving average is $156.34 and its 200 day simple moving average is $145.49. Bank of New York Mellon has a 1 year low of $103.11 and a 1 year high of $165.84.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same period last year, the firm posted $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, research analysts expect that Bank of New York Mellon will post 9.27 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $148.79, for a total transaction of $523,740.80. Following the sale, the vice president directly owned 176,824 shares in the company, valued at $26,309,642.96. This trade represents a 1.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 38,840 shares of company stock worth $6,033,502. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently modified their holdings of BNY. Focus Partners Advisor Solutions LLC acquired a new position in shares of Bank of New York Mellon in the second quarter worth approximately $1,128,000. Northwestern Mutual Wealth Management Co. bought a new stake in Bank of New York Mellon in the second quarter valued at approximately $13,234,000. Engineers Gate Manager LP acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $1,264,000. Corient Private Wealth LP acquired a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $48,434,000. Finally, HB Wealth Management LLC bought a new position in Bank of New York Mellon during the 2nd quarter worth approximately $6,238,000. Institutional investors own 85.31% of the company’s stock.

Key Headlines Impacting Bank of New York Mellon

Here are the key news stories impacting Bank of New York Mellon this week:

• Positive Sentiment: BNY is expected to report year-over-year earnings growth in its upcoming quarterly results. Zacks highlighted the company’s strong history of earnings surprises and favorable conditions for another potential beat. Can BNY Keep the Earnings Surprise Streak Alive?
• Positive Sentiment: The bank is expanding regulated digital-asset custody services across the European Union under the Markets in Crypto-Assets framework. The move strengthens BNY’s position in institutional crypto infrastructure and could create additional long-term fee opportunities. BNY Expands Digital Asset Custody in Europe
• Positive Sentiment: TD Cowen initiated coverage with a “hold” rating and a $160 price target, implying meaningful potential appreciation from the level cited in the report. While not a bullish rating, the target suggests the shares may be undervalued after their recent weakness.
• Neutral Sentiment: Analyst commentary covering BNY and other financial companies offered additional perspective but did not signal a clear change in the company’s outlook. Analysts Offer Insights on Financial Companies
• Neutral Sentiment: BNY reportedly sold 21.24 million shares of Indonesia’s Telkom Indonesia, a portfolio transaction whose direct effect on BNY’s earnings and stock valuation is unclear. BNY Sells TLKM Shares
• Negative Sentiment: Analysts have trimmed BNY’s fair value estimates, indicating some recalibration of valuation expectations and potentially contributing to pressure on the shares. BNY Stock Gets Fair Value Trim

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.