Truist Financial Forecasts Strong Price Appreciation for Bank of New York Mellon (NYSE:BK) Stock

Bank of New York Mellon (NYSE:BK) had its price objective increased by Truist Financial from $109.00 to $118.00 in a research report report published on Thursday morning,Benzinga reports. Truist Financial currently has a hold rating on the bank’s stock.

A number of other equities analysts also recently issued reports on the company. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 16th. TD Cowen assumed coverage on Bank of New York Mellon in a research note on Thursday, September 25th. They issued a “buy” rating on the stock. Morgan Stanley raised their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an “overweight” rating in a research note on Monday. Citigroup raised their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a report on Friday, September 5th. Finally, Wells Fargo & Company raised their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $101.67.

Bank of New York Mellon Stock Performance

BK stock opened at $106.32 on Thursday. The company has a market cap of $74.98 billion, a P/E ratio of 16.23, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. Bank of New York Mellon has a 1 year low of $70.41 and a 1 year high of $110.87. 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’s fifty day moving average price is $104.49 and its 200-day moving average price is $92.76.

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

Bank of New York Mellon Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 7th. Shareholders of record on Friday, July 25th were issued a dividend of $0.53 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, July 25th. Bank of New York Mellon’s payout ratio is 32.37%.

Insider Buying and Selling

In other Bank of New York Mellon 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 sale, the executive vice president directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $1,081,847,000. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $773,627,000. Qube Research & Technologies Ltd bought a new stake in shares of Bank of New York Mellon in the second quarter worth about $135,728,000. AustralianSuper Pty Ltd bought a new stake in shares of Bank of New York Mellon in the first quarter worth about $92,502,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Bank of New York Mellon by 26.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,053,744 shares of the bank’s stock worth $423,858,000 after purchasing an additional 1,052,145 shares during the last quarter. 85.31% of the stock is owned by institutional investors.

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.