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 increased by investment analysts at Citigroup from $82.00 to $85.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the bank’s stock. Citigroup’s price target would suggest a potential downside of 0.08% from the stock’s previous close.

Several other analysts also recently weighed in on the company. Morgan Stanley boosted their price objective on Bank of New York Mellon from $90.00 to $97.00 and gave the company an “overweight” rating in a research report on Thursday, January 16th. Truist Financial upped their target price on Bank of New York Mellon from $91.00 to $93.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 target price on shares of Bank of New York Mellon in a research note on Monday, March 17th. Finally, Wells Fargo & Company increased their price target on shares of Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $89.71.

Bank of New York Mellon Price Performance

Shares of BK stock traded up $1.52 during trading hours on Monday, reaching $85.07. The stock had a trading volume of 411,595 shares, compared to its average volume of 4,396,488. The company has a current ratio of 0.69, a quick ratio of 0.70 and a debt-to-equity ratio of 0.83. The stock’s fifty day simple moving average is $84.88 and its 200 day simple moving average is $79.10. The firm has a market capitalization of $61.08 billion, a PE ratio of 14.64, a PEG ratio of 0.97 and a beta of 1.06. Bank of New York Mellon has a 12 month low of $52.64 and a 12 month high of $90.34.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.66 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period last year, the firm posted $1.28 EPS. On average, equities research analysts predict that Bank of New York Mellon will post 6.96 EPS for the current year.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently modified their holdings of BK. Czech National Bank lifted its position in Bank of New York Mellon by 4.9% during the fourth quarter. Czech National Bank now owns 157,645 shares of the bank’s stock valued at $12,112,000 after purchasing an additional 7,316 shares during the period. HighTower Advisors LLC lifted its holdings in shares of Bank of New York Mellon by 130.1% in the 3rd quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after buying an additional 184,560 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in Bank of New York Mellon in the 3rd quarter worth approximately $1,010,000. Fifth Third Bancorp grew its stake in shares of Bank of New York Mellon by 9.2% during the 4th quarter. Fifth Third Bancorp now owns 94,046 shares of the bank’s stock worth $7,226,000 after purchasing an additional 7,935 shares during the period. Finally, Natixis Advisors LLC increased its holdings in shares of Bank of New York Mellon by 6.5% during the 4th quarter. Natixis Advisors LLC now owns 285,965 shares of the bank’s stock valued at $21,971,000 after purchasing an additional 17,457 shares in the last quarter. Institutional investors and hedge funds own 85.31% of the company’s stock.

About Bank of New York Mellon

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.