Bank of New York Mellon (NYSE:BK) Cut to “Neutral” at Citigroup

Bank of New York Mellon (NYSE:BKGet Rating) was downgraded by investment analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Monday, April 11th, Marketbeat reports. They currently have a $50.00 target price on the bank’s stock, down from their previous target price of $70.00. Citigroup’s price target would suggest a potential upside of 11.61% from the stock’s current price.

Other analysts have also recently issued reports about the company. Zacks Investment Research raised Bank of New York Mellon from a “hold” rating to a “buy” rating and set a $66.00 price target for the company in a research note on Monday, January 10th. Deutsche Bank Aktiengesellschaft lowered their price target on Bank of New York Mellon from $74.00 to $62.00 in a research note on Thursday, April 7th. JPMorgan Chase & Co. raised Bank of New York Mellon from a “neutral” rating to an “overweight” rating and upped their price target for the company from $62.50 to $67.00 in a research note on Thursday, December 16th. StockNews.com assumed coverage on Bank of New York Mellon in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Credit Suisse Group lowered their price target on Bank of New York Mellon from $66.00 to $63.00 and set an “outperform” rating for the company in a research note on Monday, March 21st. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $57.86.

NYSE BK traded up $1.69 on Monday, hitting $44.80. 5,946,128 shares of the company were exchanged, compared to its average volume of 5,779,541. The firm has a 50 day moving average of $49.19 and a two-hundred day moving average of $55.61. The company has a market cap of $36.16 billion, a P/E ratio of 10.75, a P/E/G ratio of 1.56 and a beta of 1.15. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 0.69. Bank of New York Mellon has a 1-year low of $41.76 and a 1-year high of $64.63.

Bank of New York Mellon (NYSE:BKGet Rating) last released its earnings results on Monday, April 18th. The bank reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.85 by $0.01. Bank of New York Mellon had a net margin of 22.31% and a return on equity of 9.33%. The company had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same period in the prior year, the company posted $0.97 EPS. The company’s revenue was up .1% compared to the same quarter last year. Research analysts anticipate that Bank of New York Mellon will post 4.48 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Summit Financial LLC boosted its stake in shares of Bank of New York Mellon by 2.3% during the fourth quarter. Summit Financial LLC now owns 7,758 shares of the bank’s stock valued at $451,000 after purchasing an additional 177 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its stake in shares of Bank of New York Mellon by 2.4% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 7,485 shares of the bank’s stock worth $435,000 after acquiring an additional 178 shares during the period. Steward Partners Investment Advisory LLC lifted its stake in shares of Bank of New York Mellon by 1.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 12,247 shares of the bank’s stock worth $711,000 after acquiring an additional 181 shares during the period. Townsend & Associates Inc lifted its stake in shares of Bank of New York Mellon by 0.4% in the fourth quarter. Townsend & Associates Inc now owns 51,880 shares of the bank’s stock worth $3,300,000 after acquiring an additional 184 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Bank of New York Mellon by 2.5% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 8,144 shares of the bank’s stock worth $473,000 after acquiring an additional 195 shares during the period. 83.69% of the stock is currently owned by hedge funds and other institutional investors.

Bank of New York Mellon Company Profile (Get Rating)

The Bank of New York Mellon Corporation provides a range of financial products and services in the United States and internationally. The company operates through Securities Services, Market and Wealth Services, Investment and Wealth Management, and Other segments. The Securities Services segment offers custody, trust and depositary, accounting, exchange-traded funds, middle-office solutions, transfer agency, services for private equity and real estate funds, foreign exchange, securities lending, liquidity/lending services, prime brokerage, and data analytics.

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