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

Bank of New York Mellon (NYSE:BK) had its target price 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 brokerage currently has a “hold” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 8.02% from the stock’s current price.

BK has been the subject of a number of other research reports. Morgan Stanley boosted their price target 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. Wells Fargo & Company boosted their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. Evercore ISI boosted their price target on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an “in-line” rating in a research report on Wednesday, July 2nd. Finally, Keefe, Bruyette & Woods lifted their price objective 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. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $95.08.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $100.91 on Thursday. Bank of New York Mellon has a fifty-two week low of $65.01 and a fifty-two week high of $104.47. The business has a 50-day moving average of $95.77 and a two-hundred day moving average of $88.08. The stock has a market capitalization of $71.17 billion, a P/E ratio of 15.41, a P/E/G ratio of 1.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last announced its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Insider Buying and Selling

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total value of $1,969,000.00. Following the completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $1,081,847,000. Nuveen LLC bought a new stake in shares of Bank of New York Mellon in the 1st quarter valued at approximately $773,627,000. Northern Trust Corp grew its stake in shares of Bank of New York Mellon by 19.1% in the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after purchasing an additional 1,526,686 shares during the period. Qube Research & Technologies Ltd bought a new stake in shares of Bank of New York Mellon in the 2nd quarter valued at approximately $135,728,000. Finally, GAMMA Investing LLC grew its stake in shares of Bank of New York Mellon by 9,538.9% in the 1st quarter. GAMMA Investing LLC now owns 1,399,958 shares of the bank’s stock valued at $117,414,000 after purchasing an additional 1,385,434 shares during the period. Institutional investors and hedge funds 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.