Truist Financial Cuts Bank of New York Mellon (NYSE:BK) Price Target to $90.00

Bank of New York Mellon (NYSE:BK) had its price target lowered by Truist Financial from $93.00 to $90.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the bank’s stock.

BK has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Bank of New York Mellon from $94.00 to $98.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Wells Fargo & Company raised their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Citigroup upped their price target on Bank of New York Mellon from $82.00 to $85.00 and gave the company a “neutral” rating in a research report on Monday, March 24th. StockNews.com lowered Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Finally, Bank of America upped their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.86.

Bank of New York Mellon Stock Down 8.4 %

Shares of Bank of New York Mellon stock opened at $73.17 on Friday. Bank of New York Mellon has a 12-month low of $52.64 and a 12-month high of $90.34. The firm has a market capitalization of $52.53 billion, a PE ratio of 12.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The company has a quick ratio of 0.70, a current ratio of 0.69 and a debt-to-equity ratio of 0.83. The stock’s fifty day moving average is $84.98 and its 200-day moving average is $80.08.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.18. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The firm had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.66 billion. During the same quarter in the previous year, the company earned $1.28 EPS. The business’s revenue for the quarter was up 11.2% compared to the same quarter last year. Equities analysts anticipate that Bank of New York Mellon will post 6.96 earnings per share for the current year.

Bank of New York Mellon Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Monday, January 27th were given a $0.47 dividend. The ex-dividend date was Monday, January 27th. This represents a $1.88 dividend on an annualized basis and a yield of 2.57%. Bank of New York Mellon’s payout ratio is 32.36%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Parvin Asset Management LLC acquired a new stake in shares of Bank of New York Mellon during the 4th quarter worth approximately $25,000. Bellwether Advisors LLC acquired a new stake in Bank of New York Mellon during the 4th quarter worth $28,000. REAP Financial Group LLC grew its holdings in Bank of New York Mellon by 123.2% during the 4th quarter. REAP Financial Group LLC now owns 395 shares of the bank’s stock worth $30,000 after acquiring an additional 218 shares during the period. Transce3nd LLC bought a new stake in shares of Bank of New York Mellon during the 4th quarter valued at $33,000. Finally, South Plains Financial Inc. bought a new position in shares of Bank of New York Mellon in the 4th quarter worth $34,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.