Citigroup Cuts Bank of New York Mellon (NYSE:BNY) Price Target to $160.00

Bank of New York Mellon (NYSE:BNY) had its price objective cut by Citigroup from $172.00 to $160.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Other research analysts also recently issued research reports about the stock. Royal Bank Of Canada upped their target price on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. raised their price target on shares of Bank of New York Mellon from $159.00 to $161.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Wells Fargo & Company boosted their price objective on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the stock an “equal weight” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods upped their price objective on Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Truist Financial cut their target price on Bank of New York Mellon from $178.00 to $172.00 and set a “buy” rating on the stock in a research note on Friday, September 25th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $161.23.

Bank of New York Mellon Price Performance

Shares of NYSE:BNY opened at $142.65 on Monday. The business has a fifty day moving average price of $156.87 and a 200-day moving average price of $145.31. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market capitalization of $96.79 billion, a PE ratio of 16.61, a PEG ratio of 1.12 and a beta of 1.06. Bank of New York Mellon has a 1-year low of $103.11 and a 1-year high of $165.84.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. The company had revenue of $5.70 billion for the quarter, compared to analysts’ expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. Bank of New York Mellon’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. As a group, equities analysts expect that Bank of New York Mellon will post 9.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $148.79, for a total transaction of $523,740.80. Following the completion of the sale, the vice president owned 176,824 shares in the company, valued at $26,309,642.96. This represents a 1.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 38,840 shares of company stock valued at $6,033,502 over the last quarter. Company insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently added to or reduced their stakes in BNY. Venture Visionary Partners LLC lifted its holdings in shares of Bank of New York Mellon by 413.8% during the 3rd quarter. Venture Visionary Partners LLC now owns 11,000 shares of the bank’s stock valued at $1,591,000 after buying an additional 8,859 shares during the period. Elevation Wealth Partners LLC grew its holdings in shares of Bank of New York Mellon by 99.3% in the third quarter. Elevation Wealth Partners LLC now owns 534 shares of the bank’s stock worth $83,000 after acquiring an additional 266 shares during the period. Elm3 Financial Group LLC bought a new stake in shares of Bank of New York Mellon in the third quarter worth $394,000. Canandaigua National Bank & Trust Co. increased its position in Bank of New York Mellon by 11.7% during the third quarter. Canandaigua National Bank & Trust Co. now owns 9,595 shares of the bank’s stock valued at $1,492,000 after acquiring an additional 1,002 shares during the last quarter. Finally, First Community Trust NA increased its position in Bank of New York Mellon by 80.8% during the third quarter. First Community Trust NA now owns 1,566 shares of the bank’s stock valued at $226,000 after acquiring an additional 700 shares during the last quarter. 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.