Bank of New York Mellon (NYSE:BNY) Given New $172.00 Price Target at Citigroup

Key Points

• Citigroup raised its price target on Bank of New York Mellon from $167 to $172 while keeping a neutral rating, implying about 9.44% upside from the current price.
• Other analysts are also more bullish, with Barclays, Truist Financial, and Bank of America all lifting price targets and assigning buy/overweight ratings; the overall consensus is Moderate Buy with a $154.79 target.
• BNY reported stronger-than-expected quarterly results, posting EPS of $2.46 versus $2.16 expected and revenue of $5.70 billion versus $5.35 billion, with revenue up 13.3% year over year.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its price target boosted by research analysts at Citigroup from $167.00 to $172.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the bank's stock. Citigroup's target price suggests a potential upside of 9.44% from the stock's current price.

Several other equities research analysts have also commented on the stock. Barclays raised their price target on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the company an "overweight" rating in a research note on Thursday. Truist Financial boosted their price objective on Bank of New York Mellon from $160.00 to $178.00 and gave the stock a "buy" rating in a research report on Thursday. JPMorgan Chase & Co. increased their price objective on Bank of New York Mellon from $140.00 to $149.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Wall Street Zen upgraded Bank of New York Mellon to a "hold" rating in a research report on Saturday, May 23rd. Finally, Bank of America lifted their target price on Bank of New York Mellon from $165.00 to $175.00 and gave the company a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $154.79.

Bank of New York Mellon Stock Performance

NYSE BNY traded up $0.03 during trading hours on Monday, hitting $157.16. The company had a trading volume of 1,901,999 shares, compared to its average volume of 3,877,201. The company has a quick ratio of 0.75, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The firm has a market cap of $107.87 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 1.13 and a beta of 1.07. Bank of New York Mellon has a fifty-two week low of $98.01 and a fifty-two week high of $163.77. The business has a fifty day simple moving average of $143.95 and a 200-day simple moving average of $129.85.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. Bank of New York Mellon had a net margin of 15.52% and a return on equity of 16.00%. The company's revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.93 EPS. Equities analysts predict that Bank of New York Mellon will post 9.14 EPS for the current year.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Bank of New York Mellon by 9.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 12,045 shares of the bank's stock valued at $1,489,000 after acquiring an additional 1,031 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Bank of New York Mellon by 7.3% during the 1st quarter. Janney Montgomery Scott LLC now owns 148,115 shares of the bank's stock valued at $17,571,000 after purchasing an additional 10,107 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Bank of New York Mellon by 17.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 141,899 shares of the bank's stock valued at $16,473,000 after purchasing an additional 21,506 shares in the last quarter. World Investment Advisors boosted its position in shares of Bank of New York Mellon by 14.4% in the fourth quarter. World Investment Advisors now owns 72,285 shares of the bank's stock worth $8,391,000 after buying an additional 9,105 shares during the period. Finally, Advisortrust Partners LLC purchased a new position in shares of Bank of New York Mellon during the fourth quarter valued at $207,000. 85.31% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.