Truist Financial Increases Bank of New York Mellon (NYSE:BK) Price Target to $109.00

Bank of New York Mellon (NYSE:BK) had its price target boosted by equities research analysts at Truist Financial from $100.00 to $109.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the bank’s stock. Truist Financial’s target price suggests a potential upside of 6.96% from the stock’s current price.

A number of other research firms have also recently weighed in on BK. Evercore ISI raised their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the company an “in-line” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company raised their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. Finally, Morgan Stanley lifted their target price on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.08.

Bank of New York Mellon Stock Down 1.6%

Bank of New York Mellon stock opened at $101.91 on Thursday. Bank of New York Mellon has a 1-year low of $63.50 and a 1-year high of $104.47. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The stock has a market cap of $71.87 billion, a PE ratio of 15.56, a P/E/G ratio of 1.00 and a beta of 1.12. The stock’s fifty day moving average is $95.25 and its two-hundred day moving average is $87.86.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%. The company had revenue of $4.77 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the firm earned $1.51 earnings per share. Bank of New York Mellon’s quarterly revenue was up 9.4% on a year-over-year basis. On average, sell-side analysts expect that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors have recently added to or reduced their stakes in the business. Parvin Asset Management LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $25,000. Opal Wealth Advisors LLC purchased a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Alpine Bank Wealth Management purchased a new stake in Bank of New York Mellon in the 1st quarter valued at approximately $25,000. Westside Investment Management Inc. boosted its holdings in Bank of New York Mellon by 78.9% in the 2nd quarter. Westside Investment Management Inc. now owns 288 shares of the bank’s stock valued at $26,000 after purchasing an additional 127 shares in the last quarter. Finally, Bellwether Advisors LLC purchased a new stake in Bank of New York Mellon in the 4th quarter valued at approximately $28,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.

Bank of New York Mellon Company Profile

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.