Citigroup Boosts Bank of New York Mellon (NYSE:BNY) Price Target to $172.00

Bank of New York Mellon (NYSE:BNY) had its price target upped by equities research analysts at Citigroup from $167.00 to $172.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price target indicates a potential upside of 8.46% from the company’s current price.

Several other brokerages have also weighed in on BNY. Barclays increased their target price on Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Bank of America raised their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a “buy” rating in a report on Monday. Erste Group Bank assumed coverage on Bank of New York Mellon in a research note on Wednesday, July 15th. They issued a “buy” rating on the stock. Weiss Ratings upgraded Bank of New York Mellon from a “buy (a-)” rating to a “buy (a)” rating in a report on Monday, May 4th. Finally, Keefe, Bruyette & Woods increased their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the stock an “outperform” rating in a research 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $154.79.

Bank of New York Mellon Stock Performance

Shares of BNY opened at $158.58 on Monday. The company’s 50 day simple moving average is $144.95 and its 200 day simple moving average is $130.43. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.75 and a current ratio of 0.72. The company has a market capitalization of $108.85 billion, a price-to-earnings ratio of 18.46, a PEG ratio of 1.12 and a beta of 1.07. Bank of New York Mellon has a 1 year low of $98.03 and a 1 year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last issued its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion for the quarter, compared to analyst estimates of $5.35 billion. During the same quarter in the prior year, the company posted $1.93 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, sell-side analysts predict that Bank of New York Mellon will post 9.19 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Abound Financial LLC acquired a new position in Bank of New York Mellon during the 4th quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Bank of New York Mellon in the 4th quarter valued at about $27,000. MCF Advisors LLC lifted its holdings in Bank of New York Mellon by 74.8% during the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank’s stock worth $27,000 after buying an additional 101 shares during the last quarter. Marquette Asset Management LLC lifted its stake in Bank of New York Mellon by 174.7% during the fourth quarter. Marquette Asset Management LLC now owns 261 shares of the bank’s stock worth $30,000 after purchasing an additional 166 shares during the last quarter. Finally, Heritage Wealth Advisors acquired a new position in shares of Bank of New York Mellon in the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

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.