Citigroup Boosts Bank of New York Mellon (NYSE:BK) Price Target to $70.00

Bank of New York Mellon (NYSE:BK) had its target price boosted by equities research analysts at Citigroup from $65.00 to $70.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price target points to a potential downside of 2.10% from the stock’s previous close.

BK has been the subject of several other reports. Barclays raised their price objective on shares of Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $63.00 to $66.00 and gave the company a “hold” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $75.00 price target (up from $70.00) on shares of Bank of New York Mellon in a report on Monday, July 15th. Evercore ISI lifted their price target on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the company an “in-line” rating in a report on Monday, July 15th. Finally, Morgan Stanley lifted their price target on shares of Bank of New York Mellon from $65.00 to $72.00 and gave the company an “equal weight” rating in a report on Tuesday, July 30th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Stock Up 0.6 %

BK stock traded up $0.46 during mid-day trading on Thursday, hitting $71.50. 980,334 shares of the company were exchanged, compared to its average volume of 3,789,602. The company has a market capitalization of $53.47 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 1.17 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. Bank of New York Mellon has a twelve month low of $39.66 and a twelve month high of $71.84. The firm has a fifty day simple moving average of $65.63 and a 200 day simple moving average of $60.46.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Friday, July 12th. The bank reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.08. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the business earned $1.38 EPS. On average, research analysts forecast that Bank of New York Mellon will post 5.63 earnings per share for the current fiscal year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $64.11, for a total transaction of $961,650.00. Following the sale, the vice president now directly owns 173,930 shares in the company, valued at approximately $11,150,652.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.14% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently made changes to their positions in BK. Gilbert & Cook Inc. raised its holdings in shares of Bank of New York Mellon by 4.7% in the 4th quarter. Gilbert & Cook Inc. now owns 9,361 shares of the bank’s stock worth $487,000 after purchasing an additional 419 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Bank of New York Mellon by 1.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 251,344 shares of the bank’s stock worth $13,082,000 after acquiring an additional 4,619 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of Bank of New York Mellon by 8.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 8,679 shares of the bank’s stock worth $452,000 after acquiring an additional 684 shares in the last quarter. Thoroughbred Financial Services LLC purchased a new position in shares of Bank of New York Mellon in the fourth quarter worth approximately $236,000. Finally, Corient Private Wealth LLC increased its position in shares of Bank of New York Mellon by 7.2% in the fourth quarter. Corient Private Wealth LLC now owns 312,188 shares of the bank’s stock worth $16,249,000 after acquiring an additional 20,917 shares in the last quarter. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Company Profile

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, and data analytics.