Citigroup Has Lowered Expectations for Bank of New York Mellon (NYSE:BNY) Stock Price

Bank of New York Mellon (NYSE:BNY) had its price target lowered by stock analysts at Citigroup from $160.00 to $157.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s price target would suggest a potential upside of 10.37% from the company’s previous close.

A number of other research analysts have also recently commented on BNY. Keefe, Bruyette & Woods restated an “outperform” rating on shares of Bank of New York Mellon in a research note on Friday. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. upped their price target on Bank of New York Mellon from $159.00 to $161.00 and gave the stock an “overweight” rating in a research note on Friday, October 2nd. Argus increased their price objective on Bank of New York Mellon from $153.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, July 22nd. Finally, Truist Financial decreased their price objective on Bank of New York Mellon from $172.00 to $165.00 and set a “buy” rating for the company in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and a consensus target price of $164.62.

Bank of New York Mellon Stock Down 0.7%

BNY traded down $1.05 on Monday, hitting $142.25. The company had a trading volume of 3,114,226 shares, compared to its average volume of 3,722,382. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. Bank of New York Mellon has a 52-week low of $105.36 and a 52-week high of $165.84. The stock has a fifty day simple moving average of $154.70 and a 200-day simple moving average of $146.58. The firm has a market capitalization of $96.52 billion, a P/E ratio of 15.72, a P/E/G ratio of 1.11 and a beta of 1.06.

Bank of New York Mellon (NYSE:BNY) last posted its quarterly earnings data on Thursday, October 15th. The bank reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.11. Bank of New York Mellon had a return on equity of 16.57% and a net margin of 16.32%. The business had revenue of $5.68 billion for the quarter. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis. As a group, equities analysts expect that Bank of New York Mellon will post 9.30 EPS for the current fiscal year.

Insider Activity

In related news, VP Jose Minaya sold 3,520 shares of the business’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $148.79, for a total transaction of $523,740.80. Following the sale, the vice president owned 176,824 shares of the company’s stock, valued at $26,309,642.96. The trade was a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company’s 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 38,840 shares of company stock worth $6,033,502 in the last three months. 0.17% of the stock is currently owned by insiders.

Institutional Trading of Bank of New York Mellon

Hedge funds have recently made changes to their positions in the stock. Optivise Advisory Services LLC raised its stake in Bank of New York Mellon by 10.8% during the third quarter. Optivise Advisory Services LLC now owns 2,913 shares of the bank’s stock valued at $421,000 after buying an additional 283 shares during the last quarter. Brown Lisle Cummings Inc. boosted its holdings in Bank of New York Mellon by 13.0% in the third quarter. Brown Lisle Cummings Inc. now owns 7,909 shares of the bank’s stock worth $1,198,000 after acquiring an additional 909 shares in the last quarter. SteelPeak Wealth LLC boosted its holdings in Bank of New York Mellon by 166.0% in the third quarter. SteelPeak Wealth LLC now owns 8,939 shares of the bank’s stock worth $1,293,000 after acquiring an additional 5,579 shares in the last quarter. IFP Advisors Inc boosted its holdings in Bank of New York Mellon by 228.9% in the third quarter. IFP Advisors Inc now owns 16,709 shares of the bank’s stock worth $2,417,000 after acquiring an additional 11,629 shares in the last quarter. Finally, Robertson Stephens Wealth Management LLC grew its stake in shares of Bank of New York Mellon by 811.7% in the third quarter. Robertson Stephens Wealth Management LLC now owns 19,227 shares of the bank’s stock worth $2,781,000 after acquiring an additional 17,118 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

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.