Truist Financial Increases Bank of New York Mellon (NYSE:BK) Price Target to $100.00

Bank of New York Mellon (NYSE:BK - Free Report) had its price objective boosted by Truist Financial from $97.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. Truist Financial currently has a hold rating on the bank's stock.

Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods raised their price target on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a report on Wednesday. Citigroup raised their target price on Bank of New York Mellon from $82.00 to $85.00 and gave the company a "neutral" rating in a research note on Monday, March 24th. Evercore ISI upped their price target on shares of Bank of New York Mellon from $88.00 to $90.00 and gave the stock an "in-line" rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley increased their price objective on shares of Bank of New York Mellon from $95.00 to $101.00 and gave the stock an "overweight" rating in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.38.

Bank of New York Mellon Price Performance

Shares of NYSE:BK traded up $0.55 on Wednesday, hitting $98.47. The stock had a trading volume of 2,115,761 shares, compared to its average volume of 4,125,749. The firm's 50 day moving average price is $90.58 and its 200-day moving average price is $85.07. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.69 and a current ratio of 0.72. Bank of New York Mellon has a twelve month low of $60.93 and a twelve month high of $98.69. The company has a market capitalization of $70.45 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 1.01 and a beta of 1.07.

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

Bank of New York Mellon Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 7th. Stockholders of record on Friday, July 25th will be given a $0.53 dividend. This is a positive change from Bank of New York Mellon's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, July 25th. Bank of New York Mellon's dividend payout ratio (DPR) is currently 30.62%.

Insider Activity at Bank of New York Mellon

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 30,000 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $79.03, for a total value of $2,370,900.00. Following the transaction, the executive vice president owned 55,115 shares of the company's stock, valued at approximately $4,355,738.45. This represents a 35.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.14% of the stock is currently owned by company insiders.

Institutional Trading of Bank of New York Mellon

A number of institutional investors and hedge funds have recently modified their holdings of BK. Trust Co. of Vermont grew its holdings in Bank of New York Mellon by 22.9% during the second quarter. Trust Co. of Vermont now owns 10,682 shares of the bank's stock valued at $973,000 after purchasing an additional 1,987 shares during the period. PFG Investments LLC increased its position in shares of Bank of New York Mellon by 4.8% in the 2nd quarter. PFG Investments LLC now owns 4,691 shares of the bank's stock valued at $427,000 after buying an additional 213 shares in the last quarter. Truist Financial Corp raised its stake in Bank of New York Mellon by 3.8% during the 2nd quarter. Truist Financial Corp now owns 2,061,235 shares of the bank's stock worth $187,799,000 after buying an additional 75,933 shares during the period. Union Bancaire Privee UBP SA bought a new position in Bank of New York Mellon during the second quarter worth about $2,055,000. Finally, HB Wealth Management LLC lifted its holdings in Bank of New York Mellon by 7.4% during the second quarter. HB Wealth Management LLC now owns 32,050 shares of the bank's stock worth $2,920,000 after acquiring an additional 2,201 shares in the last quarter. 85.31% of the stock is owned by institutional investors.

About Bank of New York Mellon

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.