Truist Financial Has Lowered Expectations for Bank of New York Mellon (NYSE:BNY) Stock Price

Bank of New York Mellon (NYSE:BNY) had its price objective cut by stock analysts at Truist Financial from $178.00 to $172.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price target would indicate a potential upside of 14.99% from the company’s previous close.

Several other research analysts have also recently weighed in on the stock. 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 report on Thursday, July 16th. Erste Group Bank assumed coverage on shares of Bank of New York Mellon in a research report on Wednesday, July 15th. They issued a “buy” rating for the company. JPMorgan Chase & Co. boosted their target price on shares of Bank of New York Mellon from $149.00 to $159.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Wells Fargo & Company upped their price target on shares of Bank of New York Mellon from $152.00 to $162.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Finally, Bank of America boosted their target price on shares of Bank of New York Mellon from $165.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bank of New York Mellon currently has an average rating of “Moderate Buy” and an average target price of $156.73.

Bank of New York Mellon Stock Down 0.4%

Shares of NYSE BNY traded down $0.61 during midday trading on Friday, hitting $149.58. The stock had a trading volume of 121,140 shares, compared to its average volume of 3,669,873. The business’s 50 day moving average is $159.07 and its 200-day moving average is $143.43. Bank of New York Mellon has a 52 week low of $103.11 and a 52 week high of $165.84. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.76. The company has a market cap of $101.49 billion, a P/E ratio of 17.41, a PEG ratio of 1.13 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY) last announced its quarterly earnings results on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $5.70 billion during the quarter, compared to the consensus estimate of $5.35 billion. During the same quarter last year, the firm earned $1.93 earnings per share. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, analysts predict that Bank of New York Mellon will post 9.26 EPS for the current year.

Insider Transactions at Bank of New York Mellon

In related news, VP Jose Minaya sold 3,520 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total value of $572,492.80. Following the completion of the sale, the vice president directly owned 180,344 shares of the company’s stock, valued at approximately $29,331,148.16. This represents a 1.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Dermot Mcdonogh sold 31,800 shares of the firm’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 SEC filing for this sale provides additional information. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Bank of New York Mellon in the second quarter valued at about $8,321,111,000. Bank of America Corp DE purchased a new stake in shares of Bank of New York Mellon during the second quarter worth about $2,499,438,000. Norges Bank purchased a new stake in shares of Bank of New York Mellon during the fourth quarter worth about $1,398,624,000. 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 valued at approximately $1,214,193,000. Finally, Wellington Management Group LLP bought a new stake in Bank of New York Mellon during the 2nd quarter valued at approximately $1,175,576,000. 85.31% of the stock is currently owned by institutional investors.

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.