Bank of New York Mellon Corporation (NYSE:BNY) Stock Has Consensus Target Price of $165.04 According to Brokerages

Bank of New York Mellon Corporation (NYSE:BNY) has been given a consensus rating of “Moderate Buy” by the fourteen research firms that are currently covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $165.04.

A number of equities research analysts have recently issued reports on the company. New Street Research set a $182.00 price target on Bank of New York Mellon in a research report on Friday, October 16th. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a report on Monday, September 7th. Argus lifted their price objective 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. Erste Group Bank assumed coverage on Bank of New York Mellon in a research report on Wednesday, July 15th. They set a “buy” rating on the stock. Finally, TD Cowen began coverage on Bank of New York Mellon in a research note on Thursday, October 8th. They set a “hold” rating and a $160.00 price objective on the stock.

Bank of New York Mellon Stock Performance

BNY opened at $150.99 on Friday. The firm has a market capitalization of $101.60 billion, a PE ratio of 16.51, a PEG ratio of 1.01 and a beta of 1.02. Bank of New York Mellon has a twelve month low of $105.42 and a twelve month high of $165.84. The firm’s 50-day moving average price is $149.82 and its 200 day moving average price is $140.25. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.86.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings data on Thursday, October 15th. The bank reported $2.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.11. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The company had revenue of $5.68 billion during the quarter. The firm’s revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that Bank of New York Mellon will post 9.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Robin A. Vince sold 9,380 shares of Bank of New York Mellon stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $147.82, for a total transaction of $1,386,551.60. Following the transaction, the chief executive officer owned 575,794 shares in the company, valued at $85,113,869.08. The trade was a 1.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $147.81, for a total transaction of $520,291.20. Following the transaction, the vice president directly owned 173,304 shares in the company, valued at approximately $25,616,064.24. The trade was a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 60,560 shares of company stock valued at $9,007,119 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC purchased a new stake in Bank of New York Mellon in the second quarter valued at $1,128,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Bank of New York Mellon in the 2nd quarter valued at $13,234,000. Aware Super Pty Ltd as trustee of Aware Super acquired a new position in shares of Bank of New York Mellon in the 3rd quarter valued at $3,688,000. Engineers Gate Manager LP purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $1,264,000. Finally, Corient Private Wealth LP purchased a new position in shares of Bank of New York Mellon during the 2nd quarter worth $48,434,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.