Truist Financial Raises Bank of New York Mellon (NYSE:BK) Price Target to $118.00

Key Points

• Truist Financial has increased its price target for Bank of New York Mellon (NYSE:BK) from $109.00 to $118.00, suggesting a potential upside of 11.00% from the current stock price.
• Multiple analysts have adjusted their target prices for Bank of New York Mellon, with Citigroup raising it to $105.00 and Morgan Stanley to $116.00, indicating strong overall market confidence.
• The stock traded down 0.5% on Thursday, reaching $106.30, with a significant market capitalization of $74.97 billion.

Bank of New York Mellon (NYSE:BK - Get Free Report) had its price objective lifted by Truist Financial from $109.00 to $118.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the bank's stock. Truist Financial's target price indicates a potential upside of 11.00% from the stock's current price.

BK has been the subject of several other research reports. Wells Fargo & Company boosted their target price on Bank of New York Mellon from $96.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Citigroup upped their target price on Bank of New York Mellon from $92.00 to $105.00 and gave the company a "neutral" rating in a report on Friday, September 5th. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the stock an "overweight" rating in a report on Monday. Evercore ISI increased their target price on Bank of New York Mellon from $91.00 to $110.00 and gave the stock an "in-line" rating in a report on Tuesday. Finally, Keefe, Bruyette & Woods raised their price objective on Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $101.67.

Bank of New York Mellon Trading Down 0.5%

Bank of New York Mellon stock traded down $0.53 during trading hours on Thursday, reaching $106.30. 922,965 shares of the company's stock traded hands, compared to its average volume of 4,013,087. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.72 and a current ratio of 0.72. Bank of New York Mellon has a fifty-two week low of $70.41 and a fifty-two week high of $110.87. The firm has a market capitalization of $74.97 billion, a price-to-earnings ratio of 16.23, a PEG ratio of 1.03 and a beta of 1.13. The firm's 50 day moving average is $104.36 and its 200-day moving average is $92.60.

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

Insider Activity

In other news, EVP J Kevin Mccarthy sold 20,000 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $98.45, for a total transaction of $1,969,000.00. Following the transaction, the executive vice president owned 35,115 shares of the company's stock, valued at approximately $3,457,071.75. This represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.14% of the company's stock.

Institutional Trading of Bank of New York Mellon

A number of hedge funds have recently modified their holdings of the stock. Westside Investment Management Inc. raised its holdings in Bank of New York Mellon by 78.9% in the 2nd 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 period. Alpine Bank Wealth Management acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $25,000. Hoey Investments Inc. acquired a new position in shares of Bank of New York Mellon during the second quarter valued at approximately $32,000. Finally, Orion Capital Management LLC acquired a new position in shares of Bank of New York Mellon during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.