Truist Financial Lowers Bank of New York Mellon (NYSE:BK) Price Target to $90.00

Bank of New York Mellon (NYSE:BK) had its price target lowered by equities research analysts at Truist Financial from $93.00 to $90.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the bank’s stock. Truist Financial’s price target indicates a potential upside of 23.00% from the stock’s current price.

A number of other brokerages also recently commented on BK. Citigroup boosted 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 research note on Monday, March 24th. Bank of America raised 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 report on Thursday, January 16th. Morgan Stanley decreased their target price on Bank of New York Mellon from $99.00 to $98.00 and set an “overweight” rating for the company in a research note on Wednesday. Barclays increased their price target on shares of Bank of New York Mellon from $102.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, January 16th. Finally, StockNews.com downgraded shares of Bank of New York Mellon from a “buy” rating to a “hold” rating in a research report on Wednesday, February 19th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $89.86.

Bank of New York Mellon Price Performance

Shares of NYSE BK opened at $73.17 on Friday. 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 company has a market cap of $52.53 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 0.97 and a beta of 1.03. The stock’s 50-day moving average is $84.98 and its two-hundred day moving average is $80.02. Bank of New York Mellon has a 1-year low of $52.64 and a 1-year high of $90.34.

Bank of New York Mellon (NYSE:BK) last released its earnings results on Wednesday, January 15th. The bank reported $1.72 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.18. Bank of New York Mellon had a net margin of 11.35% and a return on equity of 12.68%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.66 billion. During the same period in the prior year, the firm earned $1.28 earnings per share. The business’s quarterly revenue was up 11.2% compared to the same quarter last year. Analysts forecast that Bank of New York Mellon will post 6.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Bank of New York Mellon

Large investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in Bank of New York Mellon by 0.9% during the third quarter. Rockefeller Capital Management L.P. now owns 29,519 shares of the bank’s stock worth $2,118,000 after purchasing an additional 250 shares in the last quarter. Benjamin Edwards Inc. grew its holdings in Bank of New York Mellon by 583.0% during the third quarter. Benjamin Edwards Inc. now owns 10,306 shares of the bank’s stock worth $741,000 after acquiring an additional 8,797 shares during the period. Hilltop Holdings Inc. raised its position in Bank of New York Mellon by 57.8% in the third quarter. Hilltop Holdings Inc. now owns 8,958 shares of the bank’s stock worth $644,000 after acquiring an additional 3,282 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Bank of New York Mellon by 130.1% in the third quarter. HighTower Advisors LLC now owns 326,372 shares of the bank’s stock valued at $23,449,000 after acquiring an additional 184,560 shares during the period. Finally, IHT Wealth Management LLC boosted its position in shares of Bank of New York Mellon by 6.9% during the 3rd quarter. IHT Wealth Management LLC now owns 14,200 shares of the bank’s stock worth $1,020,000 after purchasing an additional 917 shares in the last quarter. Hedge funds and other 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.