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

Key Points

• Truist Financial has raised its price target for Bank of New York Mellon (NYSE:BK) from $118.00 to $119.00, indicating a potential upside of 13.91% from the current stock price.
• The stock has received favorable ratings from multiple analysts, with a consensus rating of "Moderate Buy" and an average target price of $109.62 based on research from ten analysts.
• Bank of New York Mellon's latest trading price is $104.47, reflecting a one-year low of $70.46 and a high of $110.87, and the company has a market cap of approximately $73.68 billion.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price target raised by equities research analysts at Truist Financial from $118.00 to $119.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "hold" rating on the bank's stock. Truist Financial's price target indicates a potential upside of 13.91% from the stock's current price.

BK has been the subject of several other research reports. Weiss Ratings reissued a "buy (b+)" rating on shares of Bank of New York Mellon in a research report on Wednesday, October 8th. BMO Capital Markets began coverage on Bank of New York Mellon in a research note on Friday, October 3rd. They set an "outperform" rating and a $125.00 price objective for the company. Citigroup boosted their price target 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. Morgan Stanley upped their price objective on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday, September 29th. Finally, TD Cowen began coverage on Bank of New York Mellon in a report on Thursday, September 25th. They set a "buy" rating on the stock. Ten research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $109.62.

Bank of New York Mellon Stock Performance

BK traded down $2.25 during trading on Friday, hitting $104.47. 638,588 shares of the company traded hands, compared to its average volume of 3,998,533. Bank of New York Mellon has a one year low of $70.46 and a one year high of $110.87. The firm has a market cap of $73.68 billion, a P/E ratio of 15.95, a price-to-earnings-growth ratio of 1.02 and a beta of 1.13. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. The stock's fifty day moving average is $105.54 and its 200 day moving average is $94.32.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, March 26th. The bank reported $1.30 EPS for the quarter. Bank of New York Mellon had a net margin of 12.27% and a return on equity of 13.46%. The business had revenue of $4.38 billion for the quarter. As a group, equities analysts predict that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Insider Activity

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the company's stock in a transaction dated 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 sale, 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.14% of the company's stock.

Hedge Funds Weigh In On Bank of New York Mellon

Several hedge funds have recently bought and sold shares of the company. Alpine Bank Wealth Management purchased a new position in Bank of New York Mellon during the first quarter worth $25,000. Westside Investment Management Inc. boosted its holdings in shares of Bank of New York Mellon by 78.9% during the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank's stock worth $26,000 after purchasing an additional 127 shares during the last quarter. Cornerstone Planning Group LLC boosted its holdings in shares of Bank of New York Mellon by 100.0% during the first quarter. Cornerstone Planning Group LLC now owns 392 shares of the bank's stock worth $30,000 after purchasing an additional 196 shares during the last quarter. Orion Capital Management LLC acquired a new stake in shares of Bank of New York Mellon during the first quarter worth $32,000. Finally, Hoey Investments Inc. acquired a new stake in shares of Bank of New York Mellon during the second quarter worth $32,000. 85.31% of the stock is owned by hedge funds and other 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.

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