Bank of New York Mellon (NYSE:BNY) Stock Keeps “Hold” Rating at TD Cowen

Bank of New York Mellon (NYSE:BNY)‘s stock had its “hold” rating restated by equities researchers at TD Cowen in a note issued to investors on Thursday, Benzinga reports. They currently have a $160.00 target price on the bank’s stock. TD Cowen’s price objective points to a potential upside of 12.02% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Royal Bank Of Canada boosted their price target 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. Argus raised their target price on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Keefe, Bruyette & Woods increased 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. Erste Group Bank initiated coverage on shares of Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating on the stock. Finally, Truist Financial dropped their target price on shares of Bank of New York Mellon from $178.00 to $172.00 and set a “buy” rating for the company in a research report on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $162.38.

Bank of New York Mellon Trading Up 0.1%

Shares of NYSE:BNY opened at $142.83 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.72 and a current ratio of 0.72. The stock’s 50-day moving average is $156.87 and its 200-day moving average is $145.31. The company has a market cap of $96.91 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.12 and a beta of 1.06. Bank of New York Mellon has a 52-week low of $103.11 and a 52-week high of $165.84.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly 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 return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the business posted $1.93 EPS. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. Equities research analysts predict that Bank of New York Mellon will post 9.28 earnings per share for the current year.

Insider Activity at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $148.79, for a total value of $523,740.80. Following the completion of the sale, the vice president owned 176,824 shares of the company’s stock, valued at $26,309,642.96. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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. Insiders have sold 38,840 shares of company stock worth $6,033,502 over the last three months. 0.17% of the stock is owned by insiders.

Institutional Trading of Bank of New York Mellon

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Bank of New York Mellon during the 2nd quarter worth about $8,321,111,000. Bank of America Corp DE bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth $1,214,193,000. Wellington Management Group LLP bought a new position in Bank of New York Mellon during the second quarter worth about $1,175,576,000. Finally, Amundi acquired a new position in Bank of New York Mellon in the second quarter valued at about $985,533,000. 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.