JPMorgan Chase & Co. Forecasts Strong Price Appreciation for BNY (NYSE:BK) Stock

BNY (NYSE:BK) had its price target increased by equities researchers at JPMorgan Chase & Co. from $128.50 to $130.50 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 5.06% from the company’s previous close.

BK has been the subject of a number of other research reports. Keefe, Bruyette & Woods increased their price target on shares of BNY from $132.00 to $143.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. TD Cowen increased their price target on shares of BNY from $133.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday, January 7th. New Street Research set a $143.00 price target on shares of BNY in a report on Wednesday, January 14th. Morgan Stanley reduced their price objective on shares of BNY from $147.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 31st. Finally, Citigroup began coverage on shares of BNY in a research report on Monday, February 23rd. They issued a “neutral” rating on the stock. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, BNY currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.50.

BNY Trading Up 0.5%

Shares of NYSE:BK traded up $0.59 during trading on Tuesday, reaching $124.22. The company’s stock had a trading volume of 812,451 shares, compared to its average volume of 3,731,351. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. BNY has a 12 month low of $72.11 and a 12 month high of $128.76. The firm’s 50 day simple moving average is $118.61 and its two-hundred day simple moving average is $114.64. The stock has a market capitalization of $85.49 billion, a PE ratio of 16.76, a price-to-earnings-growth ratio of 1.14 and a beta of 1.06.

BNY (NYSE:BK) last announced its quarterly earnings results on Tuesday, January 13th. The bank reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.11. BNY had a net margin of 13.62% and a return on equity of 14.37%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.11 billion. During the same quarter last year, the firm earned $1.72 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, research analysts predict that BNY will post 6.96 EPS for the current fiscal year.

Institutional Trading of BNY

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BK. Ashton Thomas Private Wealth LLC increased its position in shares of BNY by 133.2% during the third quarter. Ashton Thomas Private Wealth LLC now owns 91,762 shares of the bank’s stock worth $9,998,000 after acquiring an additional 52,412 shares during the period. Jones Financial Companies Lllp increased its holdings in BNY by 35.1% during the third quarter. Jones Financial Companies Lllp now owns 31,848 shares of the bank’s stock valued at $3,487,000 after buying an additional 8,277 shares during the period. Investment Management Corp of Ontario increased its holdings in BNY by 25.9% during the second quarter. Investment Management Corp of Ontario now owns 125,506 shares of the bank’s stock valued at $11,435,000 after buying an additional 25,842 shares during the period. First National Advisers LLC purchased a new position in BNY during the third quarter valued at approximately $3,304,000. Finally, National Pension Service increased its holdings in BNY by 3.1% during the third quarter. National Pension Service now owns 2,053,278 shares of the bank’s stock valued at $223,725,000 after buying an additional 61,718 shares during the period. 85.31% of the stock is owned by hedge funds and other institutional investors.

About BNY

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.