Bank of New York Mellon (NYSE:BNY) Price Target Raised to $167.00 at Citigroup

Bank of New York Mellon (NYSE:BNY) had its price objective raised by Citigroup from $136.00 to $167.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the bank’s stock. Citigroup’s price objective indicates a potential upside of 12.66% from the company’s current price.

Other research analysts have also issued research reports about the stock. Wall Street Zen raised shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $143.00 to $150.00 and gave the company an “outperform” rating in a research report on Friday, April 17th. Truist Financial boosted their price objective on Bank of New York Mellon from $140.00 to $148.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. JPMorgan Chase & Co. increased their target price on Bank of New York Mellon from $130.50 to $140.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings raised Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.46.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock traded up $1.79 during trading hours on Tuesday, reaching $148.23. 1,806,664 shares of the company were exchanged, compared to its average volume of 3,738,956. Bank of New York Mellon has a 12 month low of $89.45 and a 12 month high of $148.46. 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 stock has a 50-day moving average of $137.53 and a 200 day moving average of $125.31. The firm has a market cap of $101.74 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.05 and a beta of 1.07.

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

Insider Activity

In other news, VP Shannon Marie Hobbs sold 297 shares of Bank of New York Mellon stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.05, for a total value of $40,703.85. Following the completion of the transaction, the vice president owned 15,206 shares in the company, valued at approximately $2,083,982.30. The trade was a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kurtis R. Kurimsky sold 5,290 shares of Bank of New York Mellon stock in a transaction on Friday, April 17th. The shares were sold at an average price of $136.02, for a total value of $719,545.80. Following the completion of the transaction, the insider owned 17,259 shares of the company’s stock, valued at approximately $2,347,569.18. The trade was a 23.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 over the last three months. 0.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BNY. Vanguard Group Inc. increased its stake in Bank of New York Mellon by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 71,319,884 shares of the bank’s stock valued at $8,279,525,000 after purchasing an additional 647,847 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the last quarter. Ameriprise Financial Inc. lifted its position in Bank of New York Mellon by 18.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 13,345,266 shares of the bank’s stock worth $1,454,116,000 after buying an additional 2,034,781 shares in the last quarter. Norges Bank bought a new position in Bank of New York Mellon in the fourth quarter valued at approximately $1,398,624,000. Finally, Invesco Ltd. increased its holdings in Bank of New York Mellon by 8.2% during the fourth quarter. Invesco Ltd. now owns 7,680,429 shares of the bank’s stock worth $891,621,000 after buying an additional 578,999 shares during the last quarter. 85.31% of the stock is currently owned by 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.