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

Bank of New York Mellon (NYSE:BK) had its price target raised by Truist Financial from $109.00 to $118.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a hold rating on the bank’s stock.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley increased their target price on Bank of New York Mellon from $101.00 to $116.00 and gave the company an “overweight” rating in a report on Monday. Citigroup upped their price target on Bank of New York Mellon from $92.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, September 5th. Evercore ISI upped their price target on Bank of New York Mellon from $91.00 to $110.00 and gave the company an “in-line” rating in a research report on Tuesday. Wells Fargo & Company upped their price target on Bank of New York Mellon from $96.00 to $100.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. Finally, Keefe, Bruyette & Woods upped their price target on 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. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $101.67.

Bank of New York Mellon Trading Down 0.5%

Shares of BK stock opened at $106.32 on Thursday. The stock has a market capitalization of $74.98 billion, a PE ratio of 16.23, a P/E/G ratio of 1.01 and a beta of 1.13. Bank of New York Mellon has a 1-year low of $70.41 and a 1-year high of $110.87. The business has a 50-day moving average of $104.49 and a 200 day moving average of $92.76. The company has a debt-to-equity ratio of 0.86, a current ratio of 0.72 and a quick ratio of 0.72.

Bank of New York Mellon (NYSE:BK) last issued its 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 analysts’ expectations 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.51 EPS. As a group, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Thursday, August 7th. Investors of record on Friday, July 25th were given a dividend of $0.53 per share. This is a boost from Bank of New York Mellon’s previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Friday, July 25th. This represents a $2.12 dividend on an annualized basis and a yield of 2.0%. Bank of New York Mellon’s dividend payout ratio is 32.37%.

Insiders Place Their Bets

In related news, EVP J Kevin Mccarthy sold 20,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president owned 35,115 shares of the company’s stock, valued at $3,457,071.75. This trade represents a 36.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BK. Canada Post Corp Registered Pension Plan purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $1,035,000. TrueMark Investments LLC purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $4,282,000. Wealth Enhancement Advisory Services LLC boosted its stake in Bank of New York Mellon by 29.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 223,438 shares of the bank’s stock valued at $18,740,000 after purchasing an additional 50,368 shares during the last quarter. Formidable Asset Management LLC purchased a new stake in Bank of New York Mellon during the 1st quarter valued at $247,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Bank of New York Mellon by 121.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 183,602 shares of the bank’s stock valued at $15,399,000 after purchasing an additional 100,810 shares during the last quarter. 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.