Bank of New York Mellon (NYSE:BNY) Stock Price Target Lowered at Citigroup

Bank of New York Mellon (NYSE:BNY) had its price target reduced by investment analysts at Citigroup from $160.00 to $157.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Citigroup’s target price points to a potential upside of 10.37% from the stock’s previous close.

Several other research analysts also recently commented on the stock. Argus raised their price objective on shares of Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, October 8th. They issued a “hold” rating and a $160.00 price target for the company. Zacks Research cut Bank of New York Mellon from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 7th. Finally, New Street Research set a $182.00 price target on Bank of New York Mellon in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $164.62.

Bank of New York Mellon Stock Performance

NYSE BNY traded down $1.05 during trading on Monday, hitting $142.25. 3,114,226 shares of the company’s stock traded hands, compared to its average volume of 3,722,382. The stock has a market capitalization of $96.52 billion, a price-to-earnings ratio of 15.72, a PEG ratio of 1.11 and a beta of 1.06. Bank of New York Mellon has a 12-month low of $105.36 and a 12-month high of $165.84. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. The business has a 50 day moving average of $154.70 and a 200-day moving average of $146.58.

Bank of New York Mellon (NYSE:BNY) last issued its earnings results on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.11. The firm had revenue of $5.68 billion during the quarter. Bank of New York Mellon had a net margin of 16.32% and a return on equity of 16.57%. The company’s revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Bank of New York Mellon will post 9.30 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the company’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 sale, the vice president directly owned 176,824 shares in the company, valued at $26,309,642.96. This trade represents a 1.95% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 38,840 shares of company stock valued at $6,033,502. 0.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Optivise Advisory Services LLC lifted its stake in Bank of New York Mellon by 10.8% in the third quarter. Optivise Advisory Services LLC now owns 2,913 shares of the bank’s stock worth $421,000 after acquiring an additional 283 shares during the period. Brown Lisle Cummings Inc. boosted its holdings in Bank of New York Mellon by 13.0% in the third quarter. Brown Lisle Cummings Inc. now owns 7,909 shares of the bank’s stock valued at $1,198,000 after acquiring an additional 909 shares in the last quarter. SteelPeak Wealth LLC increased its position in Bank of New York Mellon by 166.0% during the 3rd quarter. SteelPeak Wealth LLC now owns 8,939 shares of the bank’s stock valued at $1,293,000 after purchasing an additional 5,579 shares during the period. IFP Advisors Inc increased its position in Bank of New York Mellon by 228.9% during the 3rd quarter. IFP Advisors Inc now owns 16,709 shares of the bank’s stock valued at $2,417,000 after purchasing an additional 11,629 shares during the period. Finally, Robertson Stephens Wealth Management LLC raised its holdings in Bank of New York Mellon by 811.7% in the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 19,227 shares of the bank’s stock worth $2,781,000 after purchasing an additional 17,118 shares in the last quarter. 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.