JPMorgan Chase & Co. Issues Positive Forecast for Bank of New York Mellon (NYSE:BNY) Stock Price

Bank of New York Mellon (NYSE:BNY) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $149.00 to $159.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the bank’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 0.65% from the company’s current price.

Several other equities research analysts also recently weighed in on the stock. Argus upped their target price on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Morgan Stanley upped their price objective on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Friday, April 17th. Truist Financial increased their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. 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 research note on Thursday, July 16th. Finally, Zacks Research upgraded Bank of New York Mellon from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $157.13.

Bank of New York Mellon Trading Up 1.1%

BNY traded up $1.78 during mid-day trading on Tuesday, hitting $157.98. 1,189,157 shares of the stock were exchanged, compared to its average volume of 3,821,555. The firm’s fifty day moving average is $148.65 and its two-hundred day moving average is $132.80. Bank of New York Mellon has a 1-year low of $99.67 and a 1-year high of $163.77. The company has a market cap of $108.43 billion, a PE ratio of 18.39, a PEG ratio of 1.11 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.30. The company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.93 EPS. Equities analysts forecast that Bank of New York Mellon will post 9.24 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total value of $4,937,268.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Bank of New York Mellon by 9.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank’s stock valued at $1,489,000 after buying an additional 1,031 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Bank of New York Mellon by 7.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank’s stock worth $17,571,000 after acquiring an additional 10,107 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in Bank of New York Mellon by 17.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank’s stock valued at $16,473,000 after acquiring an additional 21,506 shares during the last quarter. World Investment Advisors lifted its position in Bank of New York Mellon by 14.4% in the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank’s stock valued at $8,391,000 after acquiring an additional 9,105 shares during the last quarter. Finally, Advisortrust Partners LLC acquired a new position in Bank of New York Mellon in the fourth quarter valued at $207,000. 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.