Bank of New York Mellon (NYSE:BNY) Upgraded to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Bank of New York Mellon (NYSE:BNY) from a hold rating to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

Several other research firms have also recently issued reports on BNY. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Royal Bank Of Canada lifted their price objective on 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. Evercore set a $136.00 target price on Bank of New York Mellon in a research report on Friday, April 17th. Argus increased 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 note on Wednesday. Finally, Citigroup increased their target price on Bank of New York Mellon from $167.00 to $172.00 and gave the stock a “neutral” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $156.47.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $159.88 on Wednesday. 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 stock has a market capitalization of $109.74 billion, a P/E ratio of 18.61, a P/E/G ratio of 1.14 and a beta of 1.07. The company’s fifty day moving average is $145.93 and its two-hundred day moving average is $131.04. Bank of New York Mellon has a 1 year low of $98.40 and a 1 year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the prior year, the firm earned $1.93 EPS. Bank of New York Mellon’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 earnings per share for the current year.

Institutional Trading of Bank of New York Mellon

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Abound Financial LLC purchased a new position in Bank of New York Mellon in the fourth quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $27,000. MCF Advisors LLC boosted its stake in shares of Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after acquiring an additional 101 shares in the last quarter. Marquette Asset Management LLC grew its holdings in shares of Bank of New York Mellon by 174.7% in the 4th quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after acquiring an additional 166 shares during the period. Finally, Heritage Wealth Advisors acquired a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 85.31% of the company’s stock.

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.