Citigroup Issues Pessimistic Forecast for Bank of New York Mellon (NYSE:BNY) Stock Price

Key Points

• Citigroup lowered BNY’s price target from $172 to $160 while maintaining a “neutral” rating, implying approximately 11.34% upside from the stock’s current price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $158.29; other firms’ targets range from $161 to $180.
• BNY shares fell 1.2% to $143.71, despite the company exceeding quarterly earnings and revenue estimates, reporting $2.46 in EPS and $5.70 billion in revenue.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price target dropped by research analysts at Citigroup from $172.00 to $160.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "neutral" rating on the bank's stock. Citigroup's target price would indicate a potential upside of 11.34% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Truist Financial decreased their price objective on shares of Bank of New York Mellon from $178.00 to $172.00 and set a "buy" rating for the company in a report on Friday, September 25th. Royal Bank Of Canada boosted their price objective on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price target on Bank of New York Mellon from $159.00 to $161.00 and gave the company an "overweight" rating in a report on Friday. Weiss Ratings lowered shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research note on Thursday, August 13th. Finally, Argus increased their price target on Bank of New York Mellon from $153.00 to $180.00 and gave the company a "buy" rating in a research report on Wednesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Bank of New York Mellon currently has a consensus rating of "Moderate Buy" and a consensus price target of $158.29.

Bank of New York Mellon Trading Down 1.2%

Shares of BNY traded down $1.69 during trading hours on Monday, hitting $143.71. 1,599,134 shares of the stock traded hands, compared to its average volume of 3,690,014. The firm has a market capitalization of $97.51 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.09 and a beta of 1.06. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.76. Bank of New York Mellon has a 1-year low of $103.11 and a 1-year high of $165.84. The business has a fifty day moving average of $157.61 and a 200-day moving average of $144.72.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, topping analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The business had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts expect that Bank of New York Mellon will post 9.28 EPS for the current year.

Insider Buying and Selling at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of Bank of New York Mellon stock in a transaction that occurred on 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 directly owned 176,824 shares of the company's stock, valued at approximately $26,309,642.96. The trade was a 1.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Dermot Mcdonogh sold 31,800 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $155.26, for a total transaction of $4,937,268.00. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 38,840 shares of company stock valued at $6,033,502. 0.17% of the stock is owned by corporate insiders.

Institutional Trading of Bank of New York Mellon

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Bank of New York Mellon during the second quarter worth about $8,321,111,000. Bank of America Corp DE acquired a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $2,499,438,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Bank of New York Mellon during the 2nd quarter worth approximately $1,214,193,000. Wellington Management Group LLP acquired a new position in Bank of New York Mellon in the 2nd quarter valued at approximately $1,175,576,000. Finally, Amundi bought a new position in shares of Bank of New York Mellon during the second quarter valued at $985,533,000. Institutional investors own 85.31% of the company's stock.

Bank of New York Mellon Company Profile

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.

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