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 reduced by analysts at Citigroup from $172.00 to $160.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price objective points to a potential upside of 11.34% from the stock’s current price.

BNY has been the subject of several other reports. Bank of America increased their price objective on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Truist Financial dropped their price objective on shares of 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. JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $159.00 to $161.00 and gave the stock an “overweight” rating in a report on Friday. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Finally, Barclays boosted their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $158.29.

Bank of New York Mellon Trading Down 1.2%

Shares of Bank of New York Mellon stock traded down $1.69 during midday trading on Monday, reaching $143.71. The company had a trading volume of 1,599,134 shares, compared to its average volume of 3,690,014. The stock has a fifty day moving average price of $157.61 and a 200 day moving average price of $144.72. Bank of New York Mellon has a fifty-two week low of $103.11 and a fifty-two week high of $165.84. The firm has a market cap of $97.51 billion, a PE ratio of 16.73, a P/E/G ratio of 1.09 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72.

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

Insider Activity

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of Bank of New York Mellon stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the company’s stock in a transaction dated Monday, September 28th. The stock was sold at an average price of $148.79, for a total value of $523,740.80. Following the completion of the transaction, the vice president owned 176,824 shares of the company’s stock, valued at $26,309,642.96. The trade was a 1.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 38,840 shares of company stock worth $6,033,502. Insiders own 0.17% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Park National Corp OH grew its stake in shares of Bank of New York Mellon by 1,500.1% in the third quarter. Park National Corp OH now owns 192,939 shares of the bank’s stock worth $27,905,000 after purchasing an additional 180,881 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its holdings in Bank of New York Mellon by 36.9% in the 3rd quarter. Ferguson Wellman Capital Management Inc. now owns 33,890 shares of the bank’s stock worth $4,902,000 after buying an additional 9,131 shares during the period. Eastern Bank grew its position in shares of Bank of New York Mellon by 12.4% in the 3rd quarter. Eastern Bank now owns 1,043 shares of the bank’s stock worth $151,000 after buying an additional 115 shares during the last quarter. Rockland Trust Co. grew its position in shares of Bank of New York Mellon by 7.6% in the 3rd quarter. Rockland Trust Co. now owns 2,542 shares of the bank’s stock worth $368,000 after buying an additional 180 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of Bank of New York Mellon by 164.8% during the third quarter. MassMutual Private Wealth & Trust FSB now owns 65,389 shares of the bank’s stock valued at $9,457,000 after buying an additional 40,694 shares during the period. Institutional investors own 85.31% of the company’s stock.

About Bank of New York Mellon

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.