Bank of New York Mellon (NYSE:BNY) Given New $172.00 Price Target at Citigroup

Bank of New York Mellon (NYSE:BNY) had its price target boosted by Citigroup from $167.00 to $172.00 in a report published on Monday,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Other analysts have also recently issued research reports about the stock. Barclays increased 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 research note on Thursday, July 16th. Morgan Stanley upped 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 report on Friday, April 17th. JPMorgan Chase & Co. increased their target price on shares of Bank of New York Mellon from $140.00 to $149.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Wall Street Zen raised Bank of New York Mellon to a “hold” rating in a report on Saturday, May 23rd. Finally, Truist Financial raised their price target on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $154.79.

Bank of New York Mellon Price Performance

Shares of NYSE BNY opened at $157.17 on Monday. The stock has a market cap of $107.88 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.13 and a beta of 1.07. Bank of New York Mellon has a twelve month low of $98.01 and a twelve month high of $163.77. The stock has a 50 day moving average of $144.45 and a two-hundred day moving average of $130.13. The company has a current ratio of 0.72, a quick ratio of 0.75 and a debt-to-equity ratio of 0.76.

Bank of New York Mellon (NYSE:BNY) last announced its 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 business had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period last year, the firm posted $1.93 earnings per share. On average, research analysts forecast that Bank of New York Mellon will post 9.14 earnings per share for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Bank of New York Mellon by 18,044.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after buying an additional 19,561,793 shares in the last quarter. Norges Bank acquired a new position in Bank of New York Mellon during the fourth quarter worth $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Bank of New York Mellon by 639.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after acquiring an additional 6,119,749 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new stake in Bank of New York Mellon in the fourth quarter valued at $227,437,000. Finally, Federated Hermes Inc. lifted its holdings in Bank of New York Mellon by 101.9% in the fourth quarter. Federated Hermes Inc. now owns 3,420,804 shares of the bank’s stock valued at $397,121,000 after acquiring an additional 1,726,556 shares during the period. 85.31% of the stock is owned by institutional investors and hedge funds.

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.