Bank of New York Mellon (NYSE:BK) PT Raised to $70.00

Bank of New York Mellon (NYSE:BK) had its price target lifted by equities researchers at Citigroup from $65.00 to $70.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the bank’s stock. Citigroup’s target price would suggest a potential downside of 2.53% from the company’s current price.

BK has been the subject of several other reports. Evercore ISI raised their price objective on shares of Bank of New York Mellon from $61.00 to $66.00 and gave the stock an “in-line” rating in a research report on Monday, July 15th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $75.00 target price (up previously from $70.00) on shares of Bank of New York Mellon in a research note on Monday, July 15th. Deutsche Bank Aktiengesellschaft increased their target price on Bank of New York Mellon from $63.00 to $66.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Morgan Stanley increased their target price on Bank of New York Mellon from $65.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 30th. Finally, Barclays increased their target price on Bank of New York Mellon from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.59.

Bank of New York Mellon Stock Performance

Shares of NYSE BK opened at $71.82 on Thursday. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $53.71 billion, a P/E ratio of 16.63, a P/E/G ratio of 1.17 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $39.66 and a 12 month high of $71.96. The stock has a 50 day moving average of $65.98 and a 200-day moving average of $60.65.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Friday, July 12th. The bank reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.08. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.53 billion. Bank of New York Mellon had a net margin of 9.40% and a return on equity of 11.87%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.38 earnings per share. As a group, equities research analysts predict that Bank of New York Mellon will post 5.63 EPS for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, VP Hanneke Smits sold 15,000 shares of the firm’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $64.11, for a total value of $961,650.00. Following the sale, the vice president now owns 173,930 shares of the company’s stock, valued at approximately $11,150,652.30. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.14% of the company’s stock.

Institutional Investors Weigh In On Bank of New York Mellon

A number of large investors have recently modified their holdings of BK. Commerzbank Aktiengesellschaft FI boosted its holdings in shares of 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 acquiring an additional 165 shares in the last quarter. Lake Street Advisors Group LLC boosted its holdings in shares of Bank of New York Mellon by 3.8% during the 2nd quarter. Lake Street Advisors Group LLC now owns 4,698 shares of the bank’s stock valued at $281,000 after acquiring an additional 171 shares in the last quarter. Greenleaf Trust boosted its holdings in shares of Bank of New York Mellon by 0.7% during the 1st quarter. Greenleaf Trust now owns 28,349 shares of the bank’s stock valued at $1,633,000 after acquiring an additional 187 shares in the last quarter. 1858 Wealth Management LLC boosted its holdings in shares of Bank of New York Mellon by 4.0% during the 2nd quarter. 1858 Wealth Management LLC now owns 4,866 shares of the bank’s stock valued at $291,000 after acquiring an additional 188 shares in the last quarter. Finally, Semmax Financial Advisors Inc. boosted its holdings in shares of Bank of New York Mellon by 1.9% during the 1st quarter. Semmax Financial Advisors Inc. now owns 10,214 shares of the bank’s stock valued at $591,000 after acquiring an additional 189 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.