Bank of New York Mellon (NYSE:BK) Coverage Initiated at Truist Financial

Research analysts at Truist Financial assumed coverage on shares of Bank of New York Mellon (NYSE:BK) in a research report issued on Tuesday,Benzinga reports. The brokerage set a “buy” rating and a $91.00 price target on the bank’s stock. Truist Financial’s price objective indicates a potential upside of 16.80% from the company’s previous close.

Other analysts have also recently issued reports about the stock. UBS Group lifted their target price on shares of Bank of New York Mellon from $73.00 to $82.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Wolfe Research lowered Bank of New York Mellon from an “outperform” rating to a “peer perform” rating in a research note on Friday. Barclays raised their price target on Bank of New York Mellon from $86.00 to $102.00 and gave the stock an “overweight” rating in a research note on Monday. Keefe, Bruyette & Woods increased their price objective on shares of Bank of New York Mellon from $87.00 to $96.00 and gave the stock an “outperform” rating in a report on Tuesday, December 3rd. Finally, Wells Fargo & Company boosted their target price on shares of Bank of New York Mellon from $81.00 to $82.00 and gave the company an “equal weight” rating in a report on Thursday, January 2nd. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $82.64.

Bank of New York Mellon Price Performance

Shares of NYSE:BK opened at $77.91 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.70 and a current ratio of 0.70. The business’s fifty day moving average price is $78.44 and its two-hundred day moving average price is $71.19. The stock has a market cap of $56.65 billion, a PE ratio of 16.94, a price-to-earnings-growth ratio of 0.91 and a beta of 1.08. Bank of New York Mellon has a one year low of $52.09 and a one year high of $82.72.

Bank of New York Mellon (NYSE:BK) last posted its quarterly earnings data on Friday, October 11th. The bank reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. The firm had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.52 billion. Bank of New York Mellon had a return on equity of 12.06% and a net margin of 9.44%. On average, analysts forecast that Bank of New York Mellon will post 5.84 EPS for the current fiscal year.

Insider Buying and Selling at Bank of New York Mellon

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

Institutional Investors Weigh In On Bank of New York Mellon

Several hedge funds and other institutional investors have recently bought and sold shares of the business. McClarren Financial Advisors Inc. grew 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 in the last quarter. Clearstead Trust LLC bought a new position in Bank of New York Mellon during the 2nd quarter valued at $32,000. Fortitude Family Office LLC grew its holdings 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 increased its position in shares of Bank of New York Mellon by 28.8% in 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. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Bank of New York Mellon in the 3rd quarter valued at about $46,000. 85.31% of the stock is currently 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.