Citigroup Increases Bank of New York Mellon (NYSE:BK) Price Target to $85.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by stock analysts at Citigroup from $82.00 to $85.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Citigroup’s price objective indicates a potential downside of 0.25% from the company’s current price.

Other analysts have also issued research reports about the stock. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Truist Financial increased their price objective on Bank of New York Mellon from $91.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, January 16th. Keefe, Bruyette & Woods boosted their target price on Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 3rd. Deutsche Bank Aktiengesellschaft upped their target price on Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company lifted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Bank of New York Mellon presently has an average rating of “Moderate Buy” and a consensus price target of $89.71.

Bank of New York Mellon Price Performance

Bank of New York Mellon stock opened at $85.21 on Monday. The firm has a market capitalization of $61.18 billion, a P/E ratio of 14.67, a PEG ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a one year low of $52.64 and a one year high of $90.34. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The business has a fifty day moving average price of $85.24 and a 200-day moving average price of $79.35.

Bank of New York Mellon (NYSE:BK) last issued its earnings results on Wednesday, January 15th. The bank reported $1.72 EPS for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.85 billion during the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter last year, the company earned $1.28 EPS. The firm’s revenue was up 11.2% compared to the same quarter last year. As a group, equities research analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

A number of hedge funds have recently made changes to their positions in the business. Prospera Financial Services Inc boosted its position in Bank of New York Mellon by 11.4% during the third quarter. Prospera Financial Services Inc now owns 5,294 shares of the bank’s stock valued at $381,000 after buying an additional 542 shares during the period. Nwam LLC bought a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at about $245,000. Great Valley Advisor Group Inc. purchased a new stake in Bank of New York Mellon during the 3rd quarter valued at about $219,000. Cerity Partners LLC grew its position in Bank of New York Mellon by 58.3% during the 3rd quarter. Cerity Partners LLC now owns 52,982 shares of the bank’s stock worth $3,807,000 after acquiring an additional 19,518 shares during the last quarter. Finally, Kingsview Wealth Management LLC increased its stake in Bank of New York Mellon by 129.0% in the 3rd quarter. Kingsview Wealth Management LLC now owns 13,380 shares of the bank’s stock worth $961,000 after purchasing an additional 7,537 shares during the period. 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.