Bank of New York Mellon (NYSE:BNY) Price Target Raised to $172.00

Bank of New York Mellon (NYSE:BNY) had its target price lifted by Citigroup from $167.00 to $172.00 in a report issued on Monday morning,Benzinga reports. They currently have a neutral rating on the bank’s stock.

A number of other research analysts also recently weighed in on the company. Wells Fargo & Company raised 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 note on Thursday, July 16th. Keefe, Bruyette & Woods raised their target price on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Barclays boosted their target price on shares of Bank of New York Mellon from $149.00 to $178.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Evercore set a $136.00 price target on shares of Bank of New York Mellon in a research report on Friday, April 17th. Finally, Truist Financial lifted their price objective on shares of Bank of New York Mellon from $160.00 to $178.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Bank of New York Mellon has a consensus rating of “Moderate Buy” and an average target price of $156.47.

Bank of New York Mellon Trading Up 0.8%

Bank of New York Mellon stock opened at $160.23 on Monday. The company has a market cap of $109.98 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 1.13 and a beta of 1.07. The firm has a 50-day moving average of $145.45 and a 200-day moving average of $130.74. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.75. Bank of New York Mellon has a one year low of $98.37 and a one year high of $163.77.

Bank of New York Mellon (NYSE:BNY) last released its earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The business had revenue of $5.70 billion for the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter in the previous year, the business earned $1.93 earnings per share. Bank of New York Mellon’s quarterly revenue was up 13.3% on a year-over-year basis. On average, equities analysts expect that Bank of New York Mellon will post 9.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Bank of New York Mellon by 18,044.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 19,670,202 shares of the bank’s stock valued at $2,283,514,000 after purchasing an additional 19,561,793 shares during the period. Norges Bank bought a new position in Bank of New York Mellon during the 4th quarter worth $1,398,624,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Bank of New York Mellon by 639.5% during the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,076,729 shares of the bank’s stock worth $771,080,000 after buying an additional 6,119,749 shares during the period. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Bank of New York Mellon during the fourth quarter worth $227,437,000. Finally, Federated Hermes Inc. boosted its position in shares of Bank of New York Mellon by 101.9% in the fourth quarter. Federated Hermes Inc. now owns 3,420,804 shares of the bank’s stock valued at $397,121,000 after acquiring an additional 1,726,556 shares during the period. Institutional investors own 85.31% of the company’s stock.

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.