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 hoisted by Citigroup from $65.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the bank’s stock. Citigroup’s target price indicates a potential downside of 2.10% from the stock’s previous close.

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

Bank of New York Mellon Stock Up 0.6 %

BK traded up $0.46 on Thursday, reaching $71.50. 980,334 shares of the company traded hands, compared to its average volume of 3,789,602. The stock’s 50 day moving average price is $65.63 and its 200-day moving average price is $60.46. Bank of New York Mellon has a 52-week low of $39.66 and a 52-week high of $71.84. The company has a market cap of $53.47 billion, a price-to-earnings ratio of 16.58, a PEG ratio of 1.17 and a beta of 1.08. The company has a debt-to-equity ratio of 0.85, a current ratio of 0.70 and a quick ratio of 0.70.

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

Insider Transactions at Bank of New York Mellon

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

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently bought and sold shares of the stock. Commerzbank Aktiengesellschaft FI raised its stake in Bank of New York Mellon by 4.5% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 3,847 shares of the bank’s stock valued at $231,000 after purchasing an additional 165 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in Bank of New York Mellon by 3.8% in the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock valued at $281,000 after buying an additional 171 shares during the period. Greenleaf Trust increased its holdings in Bank of New York Mellon by 0.7% in the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after buying an additional 187 shares during the period. 1858 Wealth Management LLC increased its holdings in Bank of New York Mellon by 4.0% in the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after buying an additional 188 shares during the period. Finally, Semmax Financial Advisors Inc. increased its holdings in Bank of New York Mellon by 1.9% in the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after buying an additional 189 shares during the period. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.