Bank of New York Mellon (NYSE:BNY) Given New $152.00 Price Target at Wells Fargo & Company

Bank of New York Mellon (NYSE:BNY) had its price target upped by Wells Fargo & Company from $137.00 to $152.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the bank’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 4.51% from the company’s current price.

BNY has been the topic of a number of other research reports. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a research report on Monday, May 4th. Citigroup upped their target price on Bank of New York Mellon from $136.00 to $167.00 and gave the company a “neutral” rating in a report on Tuesday. Barclays raised their target price on Bank of New York Mellon from $143.00 to $149.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. Morgan Stanley lifted their price target on Bank of New York Mellon from $135.00 to $139.00 and gave the stock an “equal weight” rating in a report on Friday, April 17th. Finally, Truist Financial boosted their price target on shares of Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research report on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.77.

Bank of New York Mellon Stock Down 1.3%

BNY stock opened at $145.44 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.82. The firm has a 50-day moving average of $137.93 and a two-hundred day moving average of $125.55. Bank of New York Mellon has a 12 month low of $89.45 and a 12 month high of $148.50. The company has a market cap of $99.83 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 1.07 and a beta of 1.07.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, April 16th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.31. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Bank of New York Mellon had a return on equity of 15.29% and a net margin of 14.60%.The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.58 EPS. As a group, analysts forecast that Bank of New York Mellon will post 8.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $136.50, for a total value of $4,095,000.00. Following the completion of the transaction, the executive vice president directly owned 50,238 shares in the company, valued at approximately $6,857,487. This represents a 37.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Shannon Marie Hobbs sold 297 shares of the firm’s stock in a transaction on Friday, April 17th. The stock was sold at an average price of $137.05, for a total value of $40,703.85. Following the sale, the vice president directly owned 15,206 shares of the company’s stock, valued at approximately $2,083,982.30. This trade represents a 1.92% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 48,091 shares of company stock valued at $6,568,423. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of hedge funds have recently modified their holdings of BNY. Vanguard Group Inc. raised its holdings in Bank of New York Mellon by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after buying an additional 647,847 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in Bank of New York Mellon by 18,044.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock worth $2,283,514,000 after buying an additional 19,561,793 shares during the period. Ameriprise Financial Inc. increased its position in shares of Bank of New York Mellon by 18.0% during the third quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock valued at $1,454,116,000 after acquiring an additional 2,034,781 shares during the last quarter. Norges Bank acquired a new stake in shares of Bank of New York Mellon during the fourth quarter valued at about $1,398,624,000. Finally, Invesco Ltd. raised its stake in shares of Bank of New York Mellon by 8.2% in the 4th quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock valued at $891,621,000 after acquiring an additional 578,999 shares during the period. 85.31% of the stock is currently owned by hedge funds and other institutional investors.

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.