Truist Financial Issues Positive Forecast for Bank of New York Mellon (NYSE:BK) Stock Price

Key Points

• Truist Financial increased the price target for Bank of New York Mellon from $100.00 to $109.00, indicating a potential upside of 6.96% from its current price.
• The company's shares are currently rated as a "hold" by Truist Financial, with a consensus rating of "Moderate Buy" from analysts.
• Bank of New York Mellon reported a quarterly earnings per share of $1.94, exceeding analysts' expectations of $1.73, while revenue slightly missed estimates at $4.77 billion.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price objective boosted by equities research analysts at Truist Financial from $100.00 to $109.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's price objective indicates a potential upside of 7.61% from the company's current price.

A number of other research firms also recently commented on BK. Evercore ISI increased their price objective on Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a report on Wednesday, July 2nd. Morgan Stanley increased their price objective on Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday, July 16th. Wells Fargo & Company increased their price objective on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods increased their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $95.08.

Bank of New York Mellon Trading Down 0.4%

NYSE BK traded down $0.4450 on Thursday, hitting $101.2950. 936,210 shares of the company were exchanged, compared to its average volume of 4,211,803. The company's 50 day moving average price is $96.00 and its 200-day moving average price is $88.21. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market capitalization of $71.44 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 0.97 and a beta of 1.12. Bank of New York Mellon has a twelve month low of $65.01 and a twelve month high of $104.47.

Bank of New York Mellon (NYSE:BK - Get Free Report) last posted its quarterly earnings data on Tuesday, July 15th. The bank reported $1.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.21. The firm had revenue of $4.77 billion for the quarter, compared to the consensus estimate of $4.80 billion. Bank of New York Mellon had a return on equity of 13.46% and a net margin of 12.27%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.51 EPS. Analysts predict that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm's stock in a transaction 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 directly owned 35,115 shares of the company's stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Parvin Asset Management LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $25,000. Opal Wealth Advisors LLC bought a new position in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Alpine Bank Wealth Management bought a new position in shares of Bank of New York Mellon in the first quarter valued at about $25,000. Westside Investment Management Inc. raised its holdings in shares of Bank of New York Mellon by 78.9% in the second quarter. Westside Investment Management Inc. now owns 288 shares of the bank's stock valued at $26,000 after buying an additional 127 shares during the last quarter. Finally, Bellwether Advisors LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter valued at about $28,000. 85.31% of the stock is owned by 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.