Truist Financial Raises Bank of New York Mellon (NYSE:BK) Price Target to $93.00

Bank of New York Mellon (NYSE:BK) had its price target raised by Truist Financial from $91.00 to $93.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the bank’s stock.

Several other research analysts also recently commented on BK. StockNews.com raised Bank of New York Mellon from a “hold” rating to a “buy” rating in a research note on Saturday, December 14th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the stock an “in-line” rating in a research note on Monday, October 14th. Wolfe Research lowered shares of Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the company an “outperform” rating in a report on Tuesday, December 3rd. Finally, Morgan Stanley lowered their target price on Bank of New York Mellon from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $87.14.

Bank of New York Mellon Stock Up 1.3 %

Shares of NYSE BK opened at $83.31 on Thursday. The firm has a market cap of $60.57 billion, a price-to-earnings ratio of 18.11, a price-to-earnings-growth ratio of 0.76 and a beta of 1.08. The company’s 50-day simple moving average is $78.87 and its 200-day simple moving average is $72.24. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.89. Bank of New York Mellon has a 52-week low of $52.64 and a 52-week high of $83.67.

Bank of New York Mellon (NYSE:BK) last issued its quarterly earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period last year, the company posted $1.28 EPS. Bank of New York Mellon’s quarterly revenue was up 11.2% compared to the same quarter last year. Equities analysts predict that Bank of New York Mellon will post 5.87 EPS for the current fiscal year.

Bank of New York Mellon Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Monday, January 27th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Monday, January 27th. Bank of New York Mellon’s dividend payout ratio (DPR) is 40.87%.

Institutional Trading of Bank of New York Mellon

Several institutional investors have recently added to or reduced their stakes in the stock. McClarren Financial Advisors Inc. boosted its position in shares of Bank of New York Mellon by 586.4% during the third 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. Fortitude Family Office LLC lifted its stake in Bank of New York Mellon by 130.6% during the 3rd quarter. Fortitude Family Office LLC now owns 611 shares of the bank’s stock worth $44,000 after acquiring an additional 346 shares in the last quarter. Grove Bank & Trust boosted its holdings in Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock valued at $46,000 after acquiring an additional 144 shares during the period. Ashton Thomas Securities LLC acquired a new position in Bank of New York Mellon in the 3rd quarter valued at about $46,000. Finally, Modus Advisors LLC purchased a new stake in Bank of New York Mellon during the fourth quarter worth about $49,000. Institutional investors and hedge funds 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.