Citigroup Issues Positive Forecast for Bank of New York Mellon (NYSE:BNY) Stock Price

Bank of New York Mellon (NYSE:BNY) had its price objective lifted by analysts at Citigroup from $136.00 to $167.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price objective would suggest a potential upside of 12.66% from the stock’s current price.

Several other brokerages also recently weighed in on BNY. Truist Financial lifted their target price on Bank of New York Mellon from $140.00 to $148.00 and gave the company a “buy” rating in a research note on Friday, April 17th. 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. Wall Street Zen upgraded shares of Bank of New York Mellon to a “hold” rating in a research report on Saturday, May 23rd. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $135.00 to $139.00 and gave the company an “equal weight” rating in a research note on Friday, April 17th. Finally, Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research note on Friday, April 17th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $140.46.

Bank of New York Mellon Stock Performance

Shares of NYSE:BNY traded up $1.79 during trading on Tuesday, reaching $148.23. 1,806,664 shares of the company’s stock traded hands, compared to its average volume of 3,738,956. The stock has a market capitalization of $101.74 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. 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 50 day moving average of $137.53 and a 200-day moving average of $125.31. The company has a debt-to-equity ratio of 0.82, a current ratio of 0.75 and a quick ratio of 0.75.

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

Insider Activity

In other news, EVP Alejandro Perez sold 12,504 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.01, for a total transaction of $1,713,173.04. Following the sale, the executive vice president owned 62,613 shares in the company, valued at $8,578,607.13. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Shannon Marie Hobbs sold 297 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $137.05, for a total transaction of $40,703.85. Following the completion of the sale, the vice president 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. Insiders sold a total of 48,091 shares of company stock valued at $6,568,423 over the last ninety days. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Bank of New York Mellon

Large investors have recently added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Bank of New York Mellon in the fourth quarter worth $27,000. MCF Advisors LLC boosted its position in 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 last quarter. Marquette Asset Management LLC grew its stake in 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 acquired a new position in Bank of New York Mellon in the 4th quarter worth about $31,000. 85.31% of the stock is 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.