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

Bank of New York Mellon (NYSE:BK) had its price target raised by Truist Financial from $91.00 to $93.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the bank’s stock. Truist Financial’s target price would indicate a potential upside of 14.11% from the company’s current price.

Several other equities analysts also recently issued reports on BK. Wells Fargo & Company raised their price target on shares of Bank of New York Mellon from $82.00 to $86.00 and gave the company an “equal weight” rating in a research note on Thursday. UBS Group raised their price target on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. The Goldman Sachs Group upped their target price on Bank of New York Mellon from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Evercore ISI raised their price target on shares of Bank of New York Mellon from $66.00 to $77.00 and gave the company an “in-line” rating in a research report on Monday, October 14th. Finally, Barclays lifted their price objective on shares of Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, January 6th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $84.00.

Bank of New York Mellon Stock Down 0.7 %

BK stock traded down $0.54 during trading hours on Thursday, reaching $81.50. 564,033 shares of the stock were exchanged, compared to its average volume of 3,967,543. The company has a market cap of $59.26 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 0.76 and a beta of 1.08. The firm’s 50-day moving average is $78.58 and its 200-day moving average is $71.94. 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 has a 12 month low of $52.64 and a 12 month high of $82.72.

Bank of New York Mellon (NYSE:BK) last released its quarterly earnings data on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping the consensus estimate of $1.54 by $0.18. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. Bank of New York Mellon had a net margin of 9.44% and a return on equity of 12.06%. Bank of New York Mellon’s revenue for the quarter was up 11.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 EPS. On average, equities research analysts expect that Bank of New York Mellon will post 5.87 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. McClarren Financial Advisors Inc. increased its holdings in shares of Bank of New York Mellon by 586.4% in the third quarter. McClarren Financial Advisors Inc. now owns 405 shares of the bank’s stock valued at $29,000 after purchasing an additional 346 shares during the period. Fortitude Family Office LLC increased its stake in shares of Bank of New York Mellon by 130.6% in 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 during the last quarter. Modus Advisors LLC purchased a new position in Bank of New York Mellon during the fourth quarter worth about $49,000. Ashton Thomas Securities LLC acquired a new position in Bank of New York Mellon in the third quarter valued at approximately $46,000. Finally, Grove Bank & Trust increased its position in shares of Bank of New York Mellon by 28.8% during the 3rd quarter. Grove Bank & Trust now owns 644 shares of the bank’s stock worth $46,000 after purchasing an additional 144 shares during the last quarter. 85.31% of the stock is 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.