Bank of New York Mellon (NYSE:BNY) Price Target Raised to $172.00 at Citigroup

Bank of New York Mellon (NYSE:BNY) had its price target upped by equities researchers at Citigroup from $167.00 to $172.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Citigroup’s target price would indicate a potential upside of 9.44% from the company’s current price.

Other analysts have also issued reports about the company. Erste Group Bank began coverage on Bank of New York Mellon in a report on Wednesday, July 15th. They set a “buy” rating for the company. Evercore set a $136.00 target price on Bank of New York Mellon in a research note on Friday, April 17th. Barclays upped 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 report on Thursday. Wall Street Zen upgraded Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Finally, Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus price target of $154.79.

Bank of New York Mellon Stock Up 0.0%

Shares of BNY stock traded up $0.03 during trading on Monday, hitting $157.16. 1,901,999 shares of the company were exchanged, compared to its average volume of 3,877,201. The business’s 50-day simple moving average is $143.95 and its 200 day simple moving average is $129.85. Bank of New York Mellon has a twelve month low of $98.01 and a twelve month high of $163.77. The firm has a market capitalization of $107.87 billion, a price-to-earnings ratio of 18.30, a P/E/G ratio of 1.13 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 0.72.

Bank of New York Mellon (NYSE:BNY) last released its quarterly earnings data 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 firm had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. As a group, analysts forecast that Bank of New York Mellon will post 9.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Bank of New York Mellon

Hedge funds have recently made changes to their positions in the stock. Abound Financial LLC bought a new stake in shares of Bank of New York Mellon in the 4th quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Bank of New York Mellon during the fourth quarter valued at approximately $27,000. MCF Advisors LLC increased its position in shares of Bank of New York Mellon by 74.8% during the fourth quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock valued at $27,000 after purchasing an additional 101 shares during the period. Marquette Asset Management LLC raised its stake in shares of Bank of New York Mellon by 174.7% in the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Heritage Wealth Advisors bought a new position in Bank of New York Mellon in the fourth quarter worth $31,000. Institutional investors 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.