Bank of New York Mellon (NYSE:BK) Stock Rating Lowered by Truist Financial

Bank of New York Mellon (NYSE:BK - Get Free Report) was downgraded by research analysts at Truist Financial from a "buy" rating to a "hold" rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a $97.00 price target on the bank's stock, up from their previous price target of $87.00. Truist Financial's price target would suggest a potential upside of 9.42% from the company's previous close.

Several other brokerages have also recently weighed in on BK. Morgan Stanley reduced their price target on Bank of New York Mellon from $99.00 to $98.00 and set an "overweight" rating for the company in a research report on Wednesday, April 2nd. Evercore ISI lifted their price target on Bank of New York Mellon from $83.00 to $87.00 and gave the company an "in-line" rating in a research report on Tuesday, April 1st. Wells Fargo & Company lifted their price target on Bank of New York Mellon from $86.00 to $96.00 and gave the company an "equal weight" rating in a research report on Monday, March 3rd. Royal Bank of Canada reissued a "sector perform" rating and issued a $90.00 price objective on shares of Bank of New York Mellon in a report on Monday, March 17th. Finally, Citigroup raised their price objective on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a report on Monday, March 24th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $92.08.

Bank of New York Mellon Stock Performance

BK stock traded down $0.42 during trading on Wednesday, hitting $88.65. 6,337,730 shares of the company traded hands, compared to its average volume of 4,077,989. The stock's 50-day simple moving average is $82.29 and its 200 day simple moving average is $82.13. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The company has a market cap of $63.42 billion, a PE ratio of 15.26, a P/E/G ratio of 0.97 and a beta of 1.05. Bank of New York Mellon has a 1 year low of $57.18 and a 1 year high of $90.63.

Bank of New York Mellon (NYSE:BK - Get Free Report) last announced its quarterly earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.08. The company had revenue of $4.79 billion during the quarter, compared to analysts' expectations of $4.76 billion. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. Bank of New York Mellon's quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the business earned $1.29 earnings per share. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insider Transactions at Bank of New York Mellon

In other news, VP Catherine Keating sold 65,473 shares of Bank of New York Mellon stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $77.31, for a total value of $5,061,717.63. Following the sale, the vice president now directly owns 87,542 shares of the company's stock, valued at $6,767,872.02. The trade was a 42.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kurtis R. Kurimsky sold 5,641 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $77.50, for a total value of $437,177.50. Following the transaction, the insider now directly owns 21,679 shares in the company, valued at $1,680,122.50. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,114 shares of company stock valued at $7,869,795 over the last ninety days. Insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its stake in Bank of New York Mellon by 19.3% during the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank's stock worth $1,772,590,000 after buying an additional 3,732,862 shares during the last quarter. Norges Bank acquired a new position in Bank of New York Mellon during the fourth quarter worth $1,150,462,000. Ameriprise Financial Inc. boosted its stake in Bank of New York Mellon by 1.9% during the first quarter. Ameriprise Financial Inc. now owns 12,043,601 shares of the bank's stock worth $1,010,093,000 after buying an additional 221,613 shares during the last quarter. Northern Trust Corp raised its position in Bank of New York Mellon by 19.1% in the fourth 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. Finally, Nuveen LLC purchased a new stake in Bank of New York Mellon in the first quarter valued at $773,627,000. 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.