Bank of New York Mellon (NYSE:BNY) Stock Price Expected to Rise, Argus Analyst Says

Bank of New York Mellon (NYSE:BNY) had its price objective raised by stock analysts at Argus from $153.00 to $180.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the bank’s stock. Argus’ target price suggests a potential upside of 12.58% from the stock’s previous close.

BNY has been the topic of a number of other reports. Barclays boosted their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Erste Group Bank began coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Morgan Stanley upped their price objective on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a report on Friday, April 17th. Finally, Evercore set a $136.00 price objective on shares of Bank of New York Mellon in a research report on Friday, April 17th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.47.

Bank of New York Mellon Trading Down 0.3%

Shares of NYSE:BNY opened at $159.88 on Wednesday. Bank of New York Mellon has a 52-week low of $98.40 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. The company has a market capitalization of $109.74 billion, a P/E ratio of 18.61, a price-to-earnings-growth ratio of 1.14 and a beta of 1.07. The company has a 50-day simple moving average of $145.93 and a 200 day simple moving average of $131.04.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $5.35 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Sell-side analysts forecast that Bank of New York Mellon will post 9.22 earnings per share for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in shares of Bank of New York Mellon by 53.8% during the 4th quarter. CIBC Asset Management Inc now owns 182,002 shares of the bank’s stock valued at $21,129,000 after purchasing an additional 63,627 shares in the last quarter. Todd Asset Management LLC increased its holdings in Bank of New York Mellon by 37.5% in the fourth quarter. Todd Asset Management LLC now owns 370,998 shares of the bank’s stock worth $43,069,000 after purchasing an additional 101,142 shares in the last quarter. Cullen Investment Group LTD. increased its holdings in Bank of New York Mellon by 1,691.4% in the fourth 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 in the last quarter. Prospera Financial Services Inc lifted its stake in Bank of New York Mellon by 106.5% in the fourth quarter. Prospera Financial Services Inc now owns 19,126 shares of the bank’s stock valued at $2,220,000 after buying an additional 9,865 shares during the period. Finally, Axxcess Wealth Management LLC lifted its stake in Bank of New York Mellon by 282.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 92,414 shares of the bank’s stock valued at $10,728,000 after buying an additional 68,262 shares during the period. Institutional investors own 85.31% of the company’s stock.

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.