Bank of New York Mellon (NYSE:BK) Price Target Cut to $87.00 by Analysts at Truist Financial

Bank of New York Mellon (NYSE:BK) had its price objective reduced by Truist Financial from $90.00 to $87.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price target suggests a potential upside of 10.83% from the stock’s current price.

BK has been the topic of a number of other research reports. Bank of America increased their target price on Bank of New York Mellon from $90.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, January 16th. Citigroup raised their target price on shares of Bank of New York Mellon from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Monday, March 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $90.00 price target on shares of Bank of New York Mellon in a research note on Monday, March 17th. Barclays increased their price objective on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Thursday, January 16th. Finally, Wells Fargo & Company lifted their target price on Bank of New York Mellon from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Monday, March 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.64.

Bank of New York Mellon Trading Up 1.1 %

Bank of New York Mellon stock opened at $78.50 on Monday. Bank of New York Mellon has a one year low of $52.64 and a one year high of $90.34. The company has a market cap of $56.36 billion, a price-to-earnings ratio of 13.49, a P/E/G ratio of 0.97 and a beta of 1.03. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.70. The firm has a 50-day moving average of $83.63 and a 200-day moving average of $80.24.

Bank of New York Mellon (NYSE:BK) last posted its earnings results on Friday, April 11th. The bank reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. Bank of New York Mellon had a return on equity of 12.68% and a net margin of 11.35%. The business had revenue of $4.79 billion for the quarter, compared to analyst estimates of $4.76 billion. During the same period in the previous year, the firm earned $1.29 EPS. The firm’s revenue was up 5.9% compared to the same quarter last year. On average, equities analysts expect that Bank of New York Mellon will post 6.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Several large investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of Bank of New York Mellon by 19.3% in the fourth quarter. FMR LLC now owns 23,071,584 shares of the bank’s stock worth $1,772,590,000 after purchasing an additional 3,732,862 shares during the last quarter. Norges Bank bought a new stake in Bank of New York Mellon during the fourth quarter worth $1,150,462,000. Ameriprise Financial Inc. raised its position in Bank of New York Mellon by 0.3% in the 4th quarter. Ameriprise Financial Inc. now owns 11,821,988 shares of the bank’s stock valued at $908,281,000 after buying an additional 35,413 shares during the last quarter. Northern Trust Corp lifted its stake in Bank of New York Mellon by 19.1% during the 4th quarter. Northern Trust Corp now owns 9,533,615 shares of the bank’s stock valued at $732,468,000 after acquiring an additional 1,526,686 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Bank of New York Mellon by 17.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,751,219 shares of the bank’s stock worth $595,526,000 after acquiring an additional 1,125,493 shares during the last quarter. Institutional investors own 85.31% of the company’s stock.

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.