Truist Financial Begins Coverage on Bank of New York Mellon (NYSE:BK)

Analysts at Truist Financial began coverage on shares of Bank of New York Mellon (NYSE:BK) in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm set a “buy” rating and a $91.00 price target on the bank’s stock. Truist Financial’s price objective would suggest a potential upside of 16.80% from the company’s current price.

A number of other research firms have also issued reports on BK. Royal Bank of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Bank of New York Mellon in a research report on Monday, October 14th. StockNews.com upgraded shares of Bank of New York Mellon from a “hold” rating to a “buy” rating in a research report on Saturday, December 14th. Wolfe Research downgraded shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a research note on Thursday, January 2nd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $82.64.

Bank of New York Mellon Stock Performance

Bank of New York Mellon stock opened at $77.91 on Tuesday. The company has a market cap of $56.65 billion, a PE ratio of 16.94, a P/E/G ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a 12 month low of $52.09 and a 12 month high of $82.72. The company has a fifty day moving average price of $78.44 and a two-hundred day moving average price of $71.19. The company has a debt-to-equity ratio of 0.89, a current ratio of 0.70 and a quick ratio of 0.70.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings results on Friday, October 11th. The bank reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $4.65 billion during the quarter, compared to analyst estimates of $4.52 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Research analysts expect that Bank of New York Mellon will post 5.84 earnings per share for the current year.

Insiders Place Their Bets

In other Bank of New York Mellon news, EVP J Kevin Mccarthy sold 25,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.31, for a total value of $1,907,750.00. Following the transaction, the executive vice president now owns 75,404 shares of the company’s stock, valued at approximately $5,754,079.24. This represents a 24.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Hanneke Smits sold 16,475 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $76.47, for a total value of $1,259,843.25. Following the sale, the vice president now directly owns 157,455 shares of the company’s stock, valued at approximately $12,040,583.85. This represents a 9.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds have recently modified their holdings of BK. McClarren Financial Advisors Inc. raised its holdings in Bank of New York Mellon by 586.4% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock worth $29,000 after buying an additional 346 shares during the period. Clearstead Trust LLC purchased a new position in shares of Bank of New York Mellon in the second quarter worth approximately $32,000. Fortitude Family Office LLC raised its holdings in shares of Bank of New York Mellon by 130.6% during the third quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock valued at $44,000 after acquiring an additional 346 shares during the period. Modus Advisors LLC purchased a new stake in shares of Bank of New York Mellon in the fourth quarter valued at $49,000. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Bank of New York Mellon in the third quarter worth $46,000. 85.31% of the stock is owned by hedge funds and other 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.