Weiss Ratings Reaffirms "Buy (B+)" Rating for Bank of New York Mellon (NYSE:BK)

Key Points

• Weiss Ratings has reaffirmed a "Buy (B+)" rating for Bank of New York Mellon (NYSE: BK), indicating confidence in the stock's performance.
• Analysts from multiple financial institutions have raised their price targets for the stock, with Goldman Sachs increasing it from $106.00 to $120.00.
• Bank of New York Mellon reported earnings of $1.94 per share, exceeding forecasts, with a notable year-over-year revenue increase of 9.4%.

Bank of New York Mellon (NYSE:BK - Get Free Report)'s stock had its "buy (b+)" rating reissued by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other equities analysts have also recently weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Bank of New York Mellon from $106.00 to $120.00 and gave the company a "buy" rating in a research report on Monday. Truist Financial upped their price objective on shares of Bank of New York Mellon from $109.00 to $118.00 and gave the company a "hold" rating in a research report on Thursday, October 2nd. Keefe, Bruyette & Woods upped their price objective on shares of Bank of New York Mellon from $105.00 to $113.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Evercore ISI upped their target price on shares of Bank of New York Mellon from $91.00 to $110.00 and gave the company an "in-line" rating in a research note on Tuesday, September 30th. Finally, Morgan Stanley upped their target price on shares of Bank of New York Mellon from $101.00 to $116.00 and gave the company an "overweight" rating in a research note on Monday, September 29th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Bank of New York Mellon has an average rating of "Moderate Buy" and a consensus price target of $106.77.

Bank of New York Mellon Price Performance

Shares of Bank of New York Mellon stock traded down $0.91 during trading on Wednesday, hitting $106.02. 3,413,129 shares of the company were exchanged, compared to its average volume of 3,065,818. The company has a quick ratio of 0.72, a current ratio of 0.72 and a debt-to-equity ratio of 0.86. Bank of New York Mellon has a fifty-two week low of $70.46 and a fifty-two week high of $110.87. The stock has a market capitalization of $74.77 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.00 and a beta of 1.13. The firm has a 50 day moving average price of $104.89 and a 200 day moving average price of $93.39.

Bank of New York Mellon (NYSE:BK - Get Free Report) last issued its quarterly earnings results on Tuesday, July 15th. The bank reported $1.94 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.21. The company had revenue of $4.77 billion during 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%.Bank of New York Mellon's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.51 EPS. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Bank of New York Mellon

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

Institutional Trading of Bank of New York Mellon

Institutional investors have recently made changes to their positions in the business. Revolve Wealth Partners LLC bought a new position in shares of Bank of New York Mellon in the fourth quarter worth about $220,000. Capital Investment Advisors LLC raised its stake in shares of Bank of New York Mellon by 34.2% during the first quarter. Capital Investment Advisors LLC now owns 3,774 shares of the bank's stock worth $317,000 after buying an additional 962 shares during the last quarter. Daymark Wealth Partners LLC raised its stake in shares of Bank of New York Mellon by 4.3% during the first quarter. Daymark Wealth Partners LLC now owns 3,990 shares of the bank's stock worth $335,000 after buying an additional 165 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of Bank of New York Mellon by 88.9% during the first quarter. Farther Finance Advisors LLC now owns 8,952 shares of the bank's stock worth $750,000 after buying an additional 4,213 shares during the last quarter. Finally, Pallas Capital Advisors LLC raised its stake in shares of Bank of New York Mellon by 43.4% during the first quarter. Pallas Capital Advisors LLC now owns 8,120 shares of the bank's stock worth $681,000 after buying an additional 2,457 shares during the last quarter. 85.31% of the stock is currently owned by institutional investors and hedge funds.

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.

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