Bank of New York Mellon (NYSE:BK) Stock Price Expected to Rise, Citigroup Analyst Says

Bank of New York Mellon (NYSE:BKGet Free Report) had its price objective upped by equities research analysts at Citigroup from $75.00 to $82.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price objective indicates a potential upside of 0.90% from the stock’s current price.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Bank of New York Mellon in a research report on Monday, October 14th. Evercore ISI raised their target price on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research report on Monday, October 14th. Morgan Stanley raised their target price on shares of Bank of New York Mellon from $72.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Monday, September 30th. Barclays raised their target price on shares of Bank of New York Mellon from $75.00 to $86.00 and gave the stock an “overweight” rating in a research report on Monday, October 14th. Finally, StockNews.com raised shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.15.

Read Our Latest Report on Bank of New York Mellon

Bank of New York Mellon Trading Up 0.1 %

Shares of BK opened at $81.27 on Monday. The stock has a market capitalization of $59.09 billion, a P/E ratio of 17.67, a PEG ratio of 0.92 and a beta of 1.07. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. The firm has a fifty day simple moving average of $75.46 and a two-hundred day simple moving average of $67.10. Bank of New York Mellon has a twelve month low of $46.81 and a twelve month high of $81.62.

Bank of New York Mellon (NYSE:BKGet Free Report) last announced its quarterly earnings results on Friday, October 11th. The bank reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. On average, research analysts anticipate that Bank of New York Mellon will post 5.82 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In other news, VP Hanneke Smits sold 16,475 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,259,843.25. Following the completion of the transaction, the vice president now directly owns 157,455 shares of the company’s stock, valued at $12,040,583.85. The trade was a 9.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP J Kevin Mccarthy sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $76.31, for a total transaction of $1,907,750.00. Following the transaction, the executive vice president now directly owns 75,404 shares of the company’s stock, valued at $5,754,079.24. The trade was a 24.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. United Advisor Group LLC purchased a new position in shares of Bank of New York Mellon during the third quarter valued at approximately $595,000. Principal Financial Group Inc. increased its holdings in Bank of New York Mellon by 1.7% during the third quarter. Principal Financial Group Inc. now owns 883,853 shares of the bank’s stock valued at $63,514,000 after buying an additional 14,916 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Bank of New York Mellon by 4.2% during the second quarter. Ameriprise Financial Inc. now owns 10,416,436 shares of the bank’s stock valued at $623,891,000 after buying an additional 421,161 shares during the last quarter. Chase Investment Counsel Corp increased its holdings in Bank of New York Mellon by 67.2% during the third quarter. Chase Investment Counsel Corp now owns 83,530 shares of the bank’s stock valued at $6,002,000 after buying an additional 33,558 shares during the last quarter. Finally, Williams Financial LLC purchased a new stake in Bank of New York Mellon in the 2nd quarter worth approximately $587,000. 85.31% of the stock is owned by hedge funds and other institutional investors.

About Bank of New York Mellon

(Get Free Report)

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.

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Analyst Recommendations for Bank of New York Mellon (NYSE:BK)

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