Bank of New York Mellon (NYSE:BNY) Stock Gets Price Target Reduction from Citigroup

Bank of New York Mellon (NYSE:BNY) had its target price cut by Citigroup from $160.00 to $157.00 in a research note released on Monday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

Other analysts have also issued reports about the stock. Erste Group Bank started coverage on shares of Bank of New York Mellon in a report on Wednesday, July 15th. They issued a “buy” rating on the stock. Weiss Ratings lowered shares of Bank of New York Mellon from a “buy (a)” rating to a “buy (a-)” rating in a research note on Thursday, August 13th. Barclays increased their target price 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. JPMorgan Chase & Co. lifted 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. Finally, Bank of America boosted their price target on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $164.62.

Bank of New York Mellon Price Performance

BNY stock opened at $146.05 on Monday. Bank of New York Mellon has a 52-week low of $105.36 and a 52-week high of $165.84. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock has a market cap of $99.09 billion, a price-to-earnings ratio of 15.75, a price-to-earnings-growth ratio of 1.04 and a beta of 1.06. The business has a fifty day moving average of $153.70 and a two-hundred day moving average of $147.07.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Thursday, October 15th. The bank reported $2.37 EPS for the quarter, beating the consensus estimate of $2.26 by $0.11. The business had revenue of $5.68 billion for the quarter. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The firm’s revenue was up 11.7% on a year-over-year basis. As a group, research analysts anticipate that Bank of New York Mellon will post 9.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Dermot Mcdonogh sold 31,800 shares of the 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Jose Minaya sold 3,520 shares of the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $148.79, for a total value of $523,740.80. Following the transaction, the vice president owned 176,824 shares of the company’s stock, valued at $26,309,642.96. This trade represents a 1.95% decrease in their ownership of the stock. 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 ninety days. Insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several institutional investors have recently bought and sold shares of BNY. Luken Investment Analytics LLC purchased a new position in shares of Bank of New York Mellon in the second quarter valued at approximately $27,000. Burnham & Co LLC purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. EFG International AG purchased a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $29,000. N.E.W. Advisory Services LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $32,000. Finally, Retirement Wealth Solutions LLC acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $35,000. 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.