Bank of New York Mellon (NYSE:BNY) Price Target Raised to $175.00

Bank of New York Mellon (NYSE:BNY) had its price objective increased by Bank of America from $165.00 to $175.00 in a report released on Monday,Benzinga reports. They currently have a buy rating on the bank’s stock.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods lifted their price objective 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. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research note on Monday, May 4th. Truist Financial upped their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Barclays increased their price objective on Bank of New York Mellon from $149.00 to $178.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, Citigroup raised their price objective on shares of 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 research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $156.47.

Bank of New York Mellon Price Performance

NYSE BNY opened at $160.23 on Monday. Bank of New York Mellon has a 1 year low of $98.37 and a 1 year high of $163.77. The company has a fifty day simple moving average of $145.45 and a 200 day simple moving average of $130.74. The company has a current ratio of 0.72, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76. The company has a market cap of $109.98 billion, a P/E ratio of 18.65, a P/E/G ratio of 1.13 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last announced its earnings results 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 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 the consensus estimate of $5.35 billion. During the same quarter last year, the firm posted $1.93 EPS. The business’s quarterly revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts predict that Bank of New York Mellon will post 9.22 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds and other institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc lifted its holdings in shares of Bank of New York Mellon by 53.8% during the fourth quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after acquiring an additional 63,627 shares during the period. Todd Asset Management LLC boosted its stake in shares of 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 purchasing an additional 101,142 shares in the last quarter. Cullen Investment Group LTD. grew its holdings 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 worth $4,610,000 after purchasing an additional 36,568 shares during the last quarter. Prospera Financial Services Inc grew its holdings in shares of Bank of New York Mellon by 106.5% in the 4th quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock worth $2,220,000 after purchasing an additional 9,865 shares during the last quarter. Finally, Axxcess Wealth Management LLC increased its position in shares of Bank of New York Mellon by 282.6% during the 4th quarter. Axxcess Wealth Management LLC now owns 92,414 shares of the bank’s stock worth $10,728,000 after purchasing an additional 68,262 shares in the last quarter. 85.31% of the stock is 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.