Bank of America Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BNY) Stock

Bank of New York Mellon (NYSE:BNY) had its price target upped by equities research analysts at Bank of America from $165.00 to $175.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Bank of America‘s target price suggests a potential upside of 10.35% from the stock’s previous close.

BNY has been the topic of several other reports. JPMorgan Chase & Co. upped their price target 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. Keefe, Bruyette & Woods lifted their price objective on shares of 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. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a “sector perform” rating in a report on Thursday, July 16th. Citigroup raised their target price on shares of Bank of New York Mellon from $136.00 to $167.00 and gave the stock a “neutral” rating in a report on Tuesday, June 23rd. Finally, Truist Financial raised their target price on shares of 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $154.79.

Bank of New York Mellon Stock Performance

BNY opened at $158.58 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.75. The business has a fifty day simple moving average of $144.95 and a 200 day simple moving average of $130.43. Bank of New York Mellon has a 1 year low of $98.03 and a 1 year high of $163.77. The company has a market capitalization of $108.85 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.12 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data 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 return on equity of 16.00% and a net margin of 15.52%.The firm had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the business earned $1.93 EPS. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Research analysts expect that Bank of New York Mellon will post 9.19 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently bought and sold shares of the company. Linscomb Wealth Inc. boosted its position in Bank of New York Mellon by 2.5% during the 4th quarter. Linscomb Wealth Inc. now owns 3,240 shares of the bank’s stock valued at $376,000 after acquiring an additional 80 shares in the last quarter. Mather Group LLC. raised its position in shares of Bank of New York Mellon by 0.9% in the 4th quarter. Mather Group LLC. now owns 9,232 shares of the bank’s stock worth $1,072,000 after acquiring an additional 86 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Bank of New York Mellon by 3.2% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,805 shares of the bank’s stock valued at $326,000 after purchasing an additional 88 shares during the period. Essex Financial Services Inc. lifted its stake in shares of Bank of New York Mellon by 0.5% in the 4th quarter. Essex Financial Services Inc. now owns 17,584 shares of the bank’s stock valued at $2,041,000 after purchasing an additional 89 shares during the period. Finally, Maia Wealth LLC boosted its position in shares of Bank of New York Mellon by 3.0% during the fourth quarter. Maia Wealth LLC now owns 3,049 shares of the bank’s stock valued at $350,000 after purchasing an additional 90 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

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.