Truist Financial Has Lowered Expectations for Bank of New York Mellon (NYSE:BNY) Stock Price

Key Points

• Truist Financial lowered BNY’s price target from $178 to $172 but maintained a “Buy” rating, implying roughly 15% upside from the stock’s $149.58 price. The broader analyst consensus remains “Moderate Buy,” with an average target of $156.73.
• BNY reported stronger-than-expected quarterly results, with earnings of $2.46 per share versus the $2.16 estimate and revenue of $5.70 billion, up 13.3% year over year.
• The stock has traded between $103.11 and $165.84 over the past year and is supported by substantial institutional ownership, with institutions holding approximately 85.31% of shares.

Bank of New York Mellon (NYSE:BNY - Get Free Report) had its target price cut by analysts at Truist Financial from $178.00 to $172.00 in a report released on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the bank's stock. Truist Financial's price target points to a potential upside of 14.99% from the company's current price.

A number of other brokerages have also recently issued reports on BNY. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $166.00 to $177.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Weiss Ratings cut shares of Bank of New York Mellon from a "buy (a)" rating to a "buy (a-)" rating in a research report on Thursday, August 13th. Royal Bank Of Canada boosted their price target on shares of Bank of New York Mellon from $142.00 to $168.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on Bank of New York Mellon from $149.00 to $159.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Finally, Bank of America lifted their price objective on Bank of New York Mellon from $165.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $156.73.

Bank of New York Mellon Price Performance

NYSE BNY traded down $0.61 during trading hours on Friday, reaching $149.58. 121,140 shares of the stock traded hands, compared to its average volume of 3,669,873. The stock has a 50 day simple moving average of $159.07 and a two-hundred day simple moving average of $143.43. Bank of New York Mellon has a 1 year low of $103.11 and a 1 year high of $165.84. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.72 and a quick ratio of 0.72. The company has a market cap of $101.49 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 1.13 and a beta of 1.05.

Bank of New York Mellon (NYSE:BNY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The bank reported $2.46 earnings per share for the quarter, beating analysts' consensus estimates of $2.16 by $0.30. Bank of New York Mellon had a return on equity of 16.00% and a net margin of 15.52%.The company had revenue of $5.70 billion for the quarter, compared to analysts' expectations of $5.35 billion. During the same period last year, the firm posted $1.93 EPS. Bank of New York Mellon's revenue for the quarter was up 13.3% compared to the same quarter last year. On average, analysts predict that Bank of New York Mellon will post 9.26 EPS for the current fiscal year.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, CFO Dermot Mcdonogh sold 31,800 shares of the firm's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $155.26, for a total value of $4,937,268.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jose Minaya sold 3,520 shares of the business's stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $162.64, for a total transaction of $572,492.80. Following the sale, the vice president owned 180,344 shares in the company, valued at approximately $29,331,148.16. This trade represents a 1.91% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Abound Financial LLC bought a new position in shares of Bank of New York Mellon during the fourth quarter valued at approximately $25,000. MCF Advisors LLC grew its stake in shares of Bank of New York Mellon by 74.8% in the 4th quarter. MCF Advisors LLC now owns 236 shares of the bank's stock worth $27,000 after buying an additional 101 shares during the last quarter. Luken Investment Analytics LLC purchased a new stake in shares of Bank of New York Mellon in the 2nd quarter worth approximately $27,000. Burnham & Co LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at approximately $29,000. Finally, EFG International AG bought a new position in Bank of New York Mellon during the 2nd quarter valued at approximately $29,000. 85.31% of the stock is currently owned by institutional investors.

Bank of New York Mellon Company Profile

BNY, formerly known as BNY Mellon, is a global financial services company headquartered in New York City. Formed in 2007 through the merger of the Bank of New York and Mellon Financial Corporation, BNY traces its roots back to 1784, making it one of the oldest banking institutions in the United States. It was also the first company listed on the New York Stock Exchange.

BNY operates at the center of the world's capital markets, partnering with clients to help them operate more efficiently and accelerate growth.

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