Bank of New York Mellon (NYSE:BK) Price Target Raised to $118.00 at Truist Financial

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

BK has been the subject of a number of other reports. TD Cowen initiated coverage on shares of Bank of New York Mellon in a research report on Thursday, September 25th. They set a “buy” rating for the company. Evercore ISI lifted their price objective on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research note on Tuesday, September 30th. Keefe, Bruyette & Woods boosted their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Citigroup upped their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the stock a “neutral” rating in a research note on Friday, September 5th. Finally, Morgan Stanley lifted their price target on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a research report on Monday, September 29th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, Bank of New York Mellon presently has an average rating of “Moderate Buy” and an average price target of $103.46.

Bank of New York Mellon Trading Up 0.1%

Bank of New York Mellon stock opened at $106.48 on Thursday. The stock has a 50-day moving average price of $104.60 and a 200 day moving average price of $92.99. The company has a market capitalization of $75.09 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.01 and a beta of 1.13. Bank of New York Mellon has a 52 week low of $70.46 and a 52 week high of $110.87. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.73 by $0.21. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The company had revenue of $4.77 billion during the quarter, compared to analyst estimates of $4.80 billion. During the same period last year, the firm posted $1.51 EPS. Bank of New York Mellon’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that Bank of New York Mellon will post 6.96 EPS for the current year.

Bank of New York Mellon Increases Dividend

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

Insider Buying and Selling at Bank of New York Mellon

In other 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 transaction of $1,969,000.00. Following the completion of the transaction, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which is available through this link. 0.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Bank of New York Mellon

A number of large investors have recently added to or reduced their stakes in BK. Opal Wealth Advisors LLC acquired a new stake in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon in the 1st quarter valued at about $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 worth $26,000 after buying an additional 127 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in Bank of New York Mellon by 100.0% during the 1st quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank’s stock worth $30,000 after buying an additional 196 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $32,000. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.